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Volumn 24, Issue 10, 1992, Pages 1024-1047

Regulating the electricity supply industry by valuing environmental effects. How much is the Emperor wearing?

(1)  Stirling, Andrew a  

a NONE

Author keywords

[No Author keywords available]

Indexed keywords

ELECTRICITY SUPPLY; ENVIRONMENTAL EFFECT; INDUSTRIAL REGULATION; THEORETICAL FRAMEWORK; VALUATION STUDIES;

EID: 0027075841     PISSN: 00163287     EISSN: None     Source Type: Journal    
DOI: 10.1016/0016-3287(92)90135-3     Document Type: Article
Times cited : (12)

References (317)
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    • all reviewed in, Although different groups of dimensions are discussed in different sources, none extends discussion over the entire range given here. The principal sources used are as follows
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    • Although all three spatial dimensions may each be measured in units of linear extension, the totality of an object is not adequately described unless each dimension is disaggregated. Values for the volume of an object express its magnitude, but do not convey all-important information on its form. In more technical terms, environmental performance is more a vector than a scalar quantity.
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    • Indeed, Johansson goes as far as asserting that [t]he decisionmaker must implicitly or explicitly transform all values to a single ‘dimension to compare them’
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    • Valuing environmental damage
    • Indeed, Johansson goes as far as asserting that [t]he decisionmaker must implicitly or explicitly transform all values to a single ‘dimension to
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    • Johansson1
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    • Chernick1    Caverhill2
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    • (1991) Discussion Paper QE90-12-REV
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    • In a further deviation, O. Hohmeyer, R. Ottinger, Fraunhofer ISI, Karlsruhe
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    • Fritsche1
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    • effectively reverses, OECD, Paris, Henceforth as OECD, 1989, taking the object of the ‘direct’ or ‘indirect’ attention to refer to the environmental damage itself, rather than the economic agents or markets with respect to which the utility of the affected environmental benefits is defined.
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    • Indeed, Johansson goes as far as asserting that [t]he decisionmaker must implicitly or explicitly transform all values to a single ‘dimension to compare them’
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    • (1988) prepared for DC XII of the European Commission by the Fraunhofer Institut fuer Systemtechnik und Innovationforschung
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    • (1992) Energy Policy , vol.20 , Issue.4
    • Hohmeyer1
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    • Eyre1    Holland2
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    • Eg, OECD, Paris, Henceforth as OECD, 1989, In order to understand this, the authors suggest that it is necessary to introduce consideration of the question of voluntariness. Yet if it is necessary to qualify CV by consideration of one of the dimensions resolved in this article, there seems no reason to exclude others.
    • (1989) Environmental Policy Benefits: Monetary Valuation , pp. 35
    • Pearce1    Markandya2
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    • (1988) Amenity Resource Valuation: Integrating Economics with Other Disciplines
    • Heberlein1
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    • Including issues such as the order in which questions are posed, the images accompanying pictures of the amenities to be valued, the vocabulary of written descriptions, the start-points for iterative bidding, the ‘payment vehicle’ indentified (such as taxation, charges etc), the respondents familiarity with the procedure, their identification with social constituencies and the habit of using other respondents' responses as ‘anchors’ for their own
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    • The recommendation by one CV advocate, G.L. Peterson et al., Venture, Philadelphia, PA, that refusals by respondents to accept finite compensation should be treated as ‘measurement error’ illuminates the lengths to which some practitioners may go. The fact that ‘closed-ended’ surveys (where respondents are prompted) tend to produce more consistent results than ‘open-ended’ surveys (where they are allowed to quote their own values)
    • (1988) Amenity Resource Valuation: Integrating Economics with Other Disciplines
    • Randal1
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    • Cropper1    Oates2
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    • Who make statements such as that by the UK Parliamentary Select Committee on Energy to the effect that, HMSO, London, 1988–1989 Session, Sixth Report, by the UK Minister with responsibility for renewable energy, who said that he felt the assessment of externalities to be ‘one of the critical issues in environment and energy policy in the 1990s worldwide’
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    • Moynihan1
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    • Perhaps in tacit recognition of this situation, attempts have been made to introduce the adjective, ‘societal’ to distinguish phenomena specific to human society. However, this term has now fallen prey to a similar fate, with references made to ‘societal costs’ in a sense which includes environmental externalities
  • 207
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    • How certain is that environmental risk estimate?
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    • Talcott1
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    • (1992) Energy Policy , vol.20 , Issue.4
    • Hohmeyer1
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    • Existence’ values are sometimes distinguished from eg, Earthscan, London, Indeed, Johansson goes as far as asserting that [t]he decisionmaker must implicitly or explicitly transform all values to a single ‘dimension to compare them’
    • (1989) Blueprint for a Green Economy , pp. 61
    • Pearce1    Markandya2    Barbier3
  • 258
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    • Conservation reconsidered
    • ‘option’ values and ‘bequest’ values(, Interestingly, different opinions are expressed at different times by the same authorities
    • (1967) America Economic Review , vol.57
    • Krutilla1
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    • Valuation by indirect means, hedonic markets, or travel, mitigation or abatement costs all fail even more comprehensively than contingent valuation in this respect. Likewise, attempts to apply indices other than monetary value, such as the rate of solar energy conversion by photosynthesis by unit area for a given ecosystem
  • 263
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    • The economic value of wetlands systems
    • face question marks over the suitability of the chosen index as a measure of the benefits secured by nonhumans. In any case, if they are ultimately to be converted t simply defer the problem of calibrating human and non-human utility.
    • (1987) Journal of Environmental Management , vol.24
    • Farber1    Costanza2
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    • The author prefers this term to ‘anthropocentric’ because use of the latter tacitly implies that certain perspectives are somehow innate to ‘human nature’ and thus common to all past, existing and possible future human societies. So momentous an assertion requires demonstration rather than a priori assumption.
  • 265
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    • This is well illustrated by Johansson, who states that ‘[1]f a forest which is used as a recreation area is cleared, those owning the forest will gain while those visiting the area or those concerned about an endangered species living there will lose’
  • 266
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    • In this statement, (1) no value is attached to the preferences of non-human species, (2) value is attached only to individual organisms where they are of endangered species, and (3) it is implied that economic values may in any case only be attributed in respect of those human beings who happen to be ‘concerned’.
    • (1990) Oxford Review of Economic Policy , vol.6 , Issue.1 , pp. 34
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    • Eg, Earthscan, London, admit two different definitions of the term ‘priceless’. The first (the one on which they dwell and to which they return in their conclusion) takes it to mean ‘of infinite price’. They dismiss this objection by citing as a precedent the routine practice of valuing human life for the purposes of health policy. Their second definition of ‘priceless’ (meaning ‘beyond price’) they acknowledged to be ‘more appealing’ and it remains essentially uncontested as an objection to valuation. Dictionary definitions do not lend support to the authors emphasis on the ‘infinite price’ interpretation, holding instead that ‘priceless’ means ‘above, beyond, without price; invaluable’
    • (1989) Blueprint for a Green Economy
    • Pearce1    Markandya2    Barbier3
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    • Certain aspects of certain effects may, of course, quite readily be assigned money values, such as a loss in quantity or value of traded goods or accelerated deterioration of replaceable artificial materials.
  • 272
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    • As is the case, for example, when advocates of valuation point to the possibility of deriving ex post facto monetary values through the analysis of past policy decisions which were not predicated on valuation.
  • 273
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    • The results displayed are, in decreasing order, those of: R.A.D. Ferguson, as reported in House of Commons, HMSO, London, and confirmed by personal communication, November 1991
    • (1992) Renewable Energy , vol.3 , pp. xix
  • 278
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    • Comprehensive costs of electricity in Western Australia
    • Canberra, HMSO, London, reported in House of Commons
    • (1991) Renewable Energy , vol.3 , pp. xix
    • Stocker1    Harman2    Topham3
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    • Application of solar thermal technology in reducing greenhouse gas emissions—opportunities and benefits for Australian industry
    • ANUTECH Pty, HMSO, London, reported in House of Commons
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    • Hagen1    Kaneff2
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    • This is certainly true of the studies whose results are displayed in Figure 1.
  • 289
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    • The discrepancies are discussed in more detail in, Science Policy Research Unit, University of Sussex, Brighton, unpublished seminar paper, Figure 2 is based on the results of the sample literature referenced in this article. It is not comprehensive and reflects work that is still in progress. Again, it is illustrative rather than definitive.
    • (1992) The external costs debate
    • Stirling1
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    • Indeed, such a phenomenon might be seen to reflect nothing more than one specific example of the social construction of knowledge—already well documented in other areas of science
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    • In this respect, the salient difference between valuation and other techniques is that the indices employed by comparative risk assessment, environmental impact assessment and multicriteria analysis are not converted directly and literally into fiscal instruments as is required of valuation results under a Pigovian tax rule. Although the results of other approaches may form the basis for regulatory measures, there exist no a priori contraints on the values that they may take if they are to be usable. Only with valuation, do analysts know that, unless their results lie within a certain range, they are less likely to be taken seriously by policy makers. Where the declared purpose of valuation is to provide a rationale for fiscal intervention, than, it seems that a powerful determinant of results is created which might be described as an unconscious ‘price imperative’.
    • (1982) Science in Context: Readings in the Sociology of Science
    • Barnes1    Edge2
  • 295
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    • Consideration of the environment as a source of extractive resources was a key component in the approaches of 19th century economists such as Ricardo, extended by others, such as John Stuart Mill, to encompass aspects of the quality of life
  • 300
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    • Blind men and elephants: prospects for integrating disparate approaches to natural resource values
    • G.L. Peterson, B.L. Driver, R. Gregory, Venture, Philadelphia, PA, Others state, perhaps somewhat euphemistically, that ‘economists are extending their hands across the fence in a request for help and an offer to co-, G.L. Peterson B.L. Driver R. Gregory Amenity Resource Valuation: Integrating Economics with Other Disciplines 1988 Venture Philadelphia, PA
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    • Reed-Johnson1
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    • A pilot environmental index for the UK in the 1980s
    • In a manner perhaps developing on approaches such as that suggested by
    • (1992) Energy Policy , vol.20 , Issue.4
    • Hope1    Parker2    Peake3
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    • A rudimentary attempt at a survey is currently being made by the author, Science Policy Research Unit, University of Sussex, Brighton, unpublished seminar paper
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    • A point recognized, for instance, by the UK Department of Environment, who acknowledge that valuation is unlikely to supersede the assignment of political weightings
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    • HMSO, London, Further grounds for official UK caution over valuation are elaborated by N. Eyre of ETSU, who holds that cost-benefit analysis is appropriate only for marginal effects, breaking down where effects involve positive feedback, low probability catastrophes or significant social change
    • (1991) Policy Appraisal and the Environment: a Guide for Government Departments
    • Env1
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    • To the extent that the figures discussed are rationalized more with reference to specific environmental policy targets and broader economic considerations than to valuation results eg
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    • For whom the answer to the subtitled query with which this paper began might most appropriately be expressed in dollars!


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