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| Author: | Gowdy, J. M. Mayumi, K. |
| Title: | Reformulating the foundations of consumer choice theory and environmental valuation |
| Journal: | Ecological Economics
2001 : NOV, VOL. 39:2, p. 223-237 |
| Index terms: | Environmental economics Ecology Consumer choice Utility theory Utility assessment Contingent valuation |
| Language: | eng |
| Abstract: | The burgeoning field of environmental valuation has raised serious doubts about the fundamental axioms of consumer choice theory, the general validity of the Walrasian system and methodological individuialism. This paper examines these aspects of consumer choice theory, paying particular attention to the pioneering contributions of Georgescu-Roegen. The authors argue that evidence from psychology, game theory, antropology and contingent valuation surveys reveals a more complex pattern of decision-making than that described by neoclassical utility theory. |
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