Diminishing marginal utility (DMU) is a basic tenet of economic and psychological models of judgment and choice, but its determinants are little understood. In the research reported here, we tested whether insensitivities in valuations of dollar amounts (e.g., $40, $100) may be due to inexact mappings of symbolic numbers (i.e., "40," "100") onto mental magnitudes. In three studies, we demonstra...

Executive Summary Introduction Much recent planning policy and reform has been informed by the view that planning inhibits economic growth. value of planning, focusing primarily on economic and financial value, while recognising the importance of broader social and environmental value. Remarkably, given the debates around planning reform in the UK, it represents the only recent and wide-ranging...

The authors are grateful for comments from Sumit Agarwal, Raymond Fisman, Hongbin Li, and seminar participants at NBER’s May 2015 China Economy workshop, Hong Kong Monetary Authority, NUS Business School, The Chinese University of Hong Kong, and Lingnan University. Randall Morck thanks the Bank of Canada for partial funding. The views expressed herein are those of the authors and do not necessa...

Discusses the implications of the economic valuation of natural resources used for tourism and relates this valuation to the concept of total economic valuation. It demonstrates how applications of the concept of total economic valuation can be supportive of the conservation of natural resources used for tourism. Techniques for valuing tourism’s natural resources are then outlined and criticall...

1. Introduction: context and scope of the study In the spirit of the growing environmental awareness in the past decades, we witness nowadays an increasing interest in biodiversity, both locally and worldwide. Biodiversity requires our attention for two reasons. First, it provides a wide range of benefits to mankind and human activities. Second, many human activities have contributed to unprece...

The importance of the economic valuation of nature is frequently propagated by arguing that more and better economic valuation will avoid the undervaluation and thereby the degradation of nature. In the approach considered 'economic', the assumptions on rationality, human interaction and the nature of the good remain unchanged although human-nature relationships need to change and biological an...

One of the important goals of banks as important economic enterprises of any country is to increase economic efficiency. One of the important goals of banks as important economic enterprises of any country is to increase economic efficiency. The classical approach to data envelopment analysis models takes into account the linear valuation function for all indicators. But linear valuation in man...

This paper reviews recent work examining two topics of economic research vital for invasive species policy—integration and valuation. Integration requires bioeconomic models that blend invasive biology with economic circumstances and the feedback loops between the two systems. Valuation requires nonmarket valuation associated with human and environmental damages posed by invasive species. We ar...