Although beliefs are objective and subject to rational evaluation, there is no reason not to judge the validity of a person's belief by a person's willingness to pay for it. Therefore, economic analysis legitimately includes beliefs in addressing environmental policy.

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Beliefs are subjective, not objective, and a person's willingness to pay for a belief does not necessarily reflect its rational validity or truth. Economic analysis can include beliefs in addressing environmental policy, but the validity of those beliefs should be evaluated on rational grounds, not willingness to pay.

Although Beliefs Are Objective and Subject to Rational Evaluation, There