Altruistic preferences of various forms may cause difficulties in welfare economics. In the valuation of public goods, such preferences are believed to help explain the substantial non-use values found in many stated preference (SP) valuation surveys. However, studies analysing the effect of...

We study the heterogeneity of preferences regarding the limited substitutability of environmental public goods vis-a-vis private consumption goods and how it affects the economic valuation of environmental public goods. We show theoretically that mean marginal willingness to pay for an...