1. Value Mapping A View from Economics Ralph Lattimore Hope 4 February, 2007

2. Whose Values? General and specific publics Politicians Parliament Tax payers Experts (disciplines)

3. Economics schema Market efficiency and distributional equity Market failure and/or inequity Bureaucratic failure Political failure Policy correction

4. Standard Text Abelson, Peter (2003). Public Economics: Principles and Practice. Sydney: Applied Economics.

5. Revealed Preference Methods Attempts to discover unbiased, consistent values from the general public where markets exist examples include: Markets and close substitutes (eg Costanza) Hedonic price studies Travel cost studies Defensive expenditures

6. Stated Preference Methods Where non-market services are involved. They include: Stakeholder surveys, focus groups and value indicators Contingent valuation Choice modelling

7. What’s Being Measured? Potentially, all components of value Social, economic, cultural and environmental Disciplinary metrics will vary – e.g. social cohesion (sociology), surpluses (economics) What frameworks and metrics are scientists using?

8. Empirical Issues Extracting quality information The general public has limited information (latent values) Disciplinary experts also have limited information (and always will have) – the more we know, the more questions arise. Data costs: stated preference methods require primary data – very high cost