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6 N.Y.U. Envtl. L.J. 411 (1997-1998)
The Revealed Demand for a Public Good: Evidence from Endangered and Threatened Species

handle is hein.journals/nyuev6 and id is 419 raw text is: THE REVEALED DEMAND FOR A PUBLIC GOOD: EVIDENCE FROM ENDANGERED AND THREATENED SPECIES DON L. COURSEY* INTRODUCrION In the environmental arena, it is difficult to put a value on resources, as such values often vary from person to person. Bi- ologists and ecologists value ecosystems in a certain way, often arguing for preservation of the balance of nature, genetic infor- mation and its potential future value to the public, and the right of every species to exist. The U.S. Supreme Court echoed this natural science perspective in Tennessee Valley Authority v. HillU The Court concluded that the language of the Endangered Spe- cies Act shows clearly that Congress viewed the value of endan- gered species as 'incalculable' or in practical terms infinite.3 Therefore, both expert natural science and legal opinion suggest that implementation of the Endangered Species Act ought to be carried out in a manner more consistent with the biblical chroni- cle of Noah. Despite the apparent consensus that environmental re- sources cannot be accurately valued, there has been a recent push toward justifying all environmental initiatives through cost- benefit analysis.4 Yet in environmental cases, cost-benefit analy- sis is often skewed, since the costs are easily measured but the * Professor Don Coursey is the Dean of the Harris School of Public Policy Studies at the University of Chicago. 1 See Charles C. Mann & Mark L. Plummer, The Butterfly Problem, THE ATLANIc MONTnLy, Jan. 1992, at 47-70. 2 437 U.S. 153 (1978) (holding that the Tellico Dam project, into which the government invested millions of dollars, could not go forward because it would destroy the habitat of the endangered snail darter). 3 Id- at 187. Note, however, that § 7(h) of the Endangered Species Act was enacted in response to Tennessee Valley, and allows an endangered species com- mittee (a.k.a. The God Squad) to grant exceptions to the Act's prohibitions when the benefits of a development project would outweigh the costs and there is no reasonable and prudent alternative. 16 U.S.C. §1536(h) (1994). 4 See Exec. Order No. 12,291, 46 Fed. Reg. 13,193 (1981) (requiring all agency decisions to undergo cost-benefit analysis prior to promulgation); Exec. 411 Imaged with the Permission of N.Y.U. Environmental Law Journal

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