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An overview is provided of public values from main perspectives constituting economic science, while examining how these perspectives deal with energy policy. Neoclassical and New Institutional Economics conceive governance and regulation as outcomes of cost minimising actors that operate in well defined environments. Public values are an issue in the case of externalities, public goods and natural monopolies. Original Institutional Economics makes the framework of analysis multi-disciplinary, an analysis of the shared mental maps, learning, and the distribution of power via institutions. The actions of actors are driven by individual motivation and embedded in a technical and social, economic environment.
Correljé et al. (Thu,) studied this question.