Hanley, Nick; Spash, Clive; Walker, Lorna - In: Environmental & Resource Economics 5 (1995) 3, pp. 249-272
This paper considers two problems in valuing the benefits of biodiversity protection. These are, firstly, that preferences for biodiversity protection may be lexicographic rather than utilitarian. The more individuals for whom this is true, the less is cost-benefit analysis validated as a means...