Individual preferences must be evaluated to take into account the citizens' interests for public decisions. Usually, economists assess individual preferences through market decisions. But more often, public decisions impact goods without market prices. Without a market to refer to, evaluating...

Through the Water Framework Directive, the European Commission urges its Member states to reach a level of "good status" of water for 2015. This level can be different from the regional first-best. Neither the supra-regional regulator (European Commission) nor the regional regulator (Member...