Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/192458 
Year of Publication: 
2006
Series/Report no.: 
Discussion Papers No. 476
Publisher: 
Statistics Norway, Research Department, Oslo
Abstract: 
How much is a wildflower worth? Inspired by "The worth of a songbird" by Funtowicz and Ravetz (1994) we use the value of a wildflower as symbol of the complexity of evaluating environmental qualities and risks. We critically discuss the application of cost-benefit analysis in evaluating environmental impacts of adoption of genetically modified organisms (GMOs). We argue that cost-benefit analysis should be supplemented with other methods, such as processes for assessing uncertainty, accommodation of scientific disagreements, and integration of stakeholders' interests and perspectives. A more inclusive perspective is to develop precautionary approaches that recognize the multidimensional nature of environmental qualities and risks, such as irreplaceability, irreversibility, uncertainty and complexity. Precautionary approaches can contribute to develop a stronger environmental responsibility within the framework of rational self-interest.
Subjects: 
cost-benefit analysis
environmental risk
environmental value
genetically modified organisms
precautionary principle
scientific uncertainty
JEL: 
D81
Q20
Q50
Document Type: 
Working Paper

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