Thoughts concerning the economic valuation of landscapes |
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| Authors: | Schaeffer Peter V |
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| Institution: | aDivision of Resource Management, West Virginia University, P.O. Box 6108, Morgantown, WV 26506-6108, USA |
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| Abstract: | The incorporation of economic thinking into the valuation of landscapes is still relatively new. It is an approach that yields valuable new insights and can help with prioritizing the use of scarce resources to improve and/or preserve landscapes. This paper explores and discusses the uses and limitations of economic valuation of landscapes from market failure, policy process, and theoretical and philosophical perspectives. |
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| Keywords: | Non-market valuation Market failure Rationality Externalities Allocation efficiency Amenities Open space Land use |
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