Value dynamics and infrastructure reform

This paper identifies the aspects of value dynamics in each of the previous papers: how the choice of institutional arrangements give primacy to some values and others not; the law and the market as separate dynamic forces; the different time horizons involved when studying value changes; and how varying decision making contexts bear on the role of values and the handling of values. A number of theoretical explanations of value change are presented, from teleological explanations to pendulum dynamics and life cycle theories. The paper concludes with suggestions on how to deal with normative questions.