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This paper examines the validity of the use of existence value in cost-benefit analysis, blending together tools of economic theory and metaethical value analysis.
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Existence Value The Theoretical Case for and Against its Use in Cost Benefit Analysis 11th April 2003 Abstract This paper examines the validity of the use of existence value in cost-benefit analysis, blending together tools of economic theory and metaethical value analysis. The technical issues of definition and the theoretical justification for using the contingent valuation method is discussed. This is followed by a consideration of what existence value is trying to categorize, and whether the 'welfarist' approach embedded in neoclassical welfare analysis is an appropriate framework for understanding such values. Finally, arguments for and against the use of existence value in cont-benefit analysis are assessed, concluding in a 'third way' that accepts the it as a valid category of values to be considered in the project evaluation process, but asserts that the total valuation framework is not an appropriate method for assessing existence value for both economic and metaethical reasons. Aly-Khan Hirani McGill University 110248412 Course 154-525 Professor...
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