Get 20M+ Full-Text Papers For Less Than $1.50/day. Start a 14-Day Trial for You or Your Team.

Learn More →

A Primer on Nonmarket ValuationValuing Environmental Goods and Services: An Economic Perspective

A Primer on Nonmarket Valuation: Valuing Environmental Goods and Services: An Economic Perspective [Nonmarket valuation, i.e., valuing environmental goods and services that are not traded in a market, has been increasingly used in a variety of policy and decision-making contexts. This is one (but not the only) way that researchers and practitioners have sought to define and measure the values that individuals assign to environmental goods and services. The idea of putting a dollar value on protecting the environment has been controversial, but often because the economic approach to valuation has not been well-understood. This chapter provides a nontechnical overview of and rationale for the economic approach to valuation, starting from a broad conceptualization of values versus valuation. It summarizes the economic concept of value and its key features. It then discusses the use of economic valuation in decision making, followed by an overview of the steps involved in the valuation process and important issues that arise in implementing that process. Finally, it identifies and briefly summarizes the principal non-market valuation methods used by economists. In doing so, it sets the stage for the more detailed chapters on theory and methods that follow.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

A Primer on Nonmarket ValuationValuing Environmental Goods and Services: An Economic Perspective

Part of the The Economics of Non-Market Goods and Resources Book Series (volume 13)
Editors: Champ, Patricia A.; Boyle, Kevin J.; Brown, Thomas C.
Segerson, Kathleen
A Primer on Nonmarket Valuation — Feb 11, 2017
Download PDF
24 pages

Loading next page...
 
/lp/springer-journals/a-primer-on-nonmarket-valuation-valuing-environmental-goods-and-ZlLL4CPVZD

References (42)

Publisher
Springer Netherlands
Copyright
© Springer Science+Business Media B.V. (outside the USA) 2017
ISBN
978-94-007-7103-1
Pages
1 –25
DOI
10.1007/978-94-007-7104-8_1
Publisher site
See Chapter on Publisher Site

Abstract

[Nonmarket valuation, i.e., valuing environmental goods and services that are not traded in a market, has been increasingly used in a variety of policy and decision-making contexts. This is one (but not the only) way that researchers and practitioners have sought to define and measure the values that individuals assign to environmental goods and services. The idea of putting a dollar value on protecting the environment has been controversial, but often because the economic approach to valuation has not been well-understood. This chapter provides a nontechnical overview of and rationale for the economic approach to valuation, starting from a broad conceptualization of values versus valuation. It summarizes the economic concept of value and its key features. It then discusses the use of economic valuation in decision making, followed by an overview of the steps involved in the valuation process and important issues that arise in implementing that process. Finally, it identifies and briefly summarizes the principal non-market valuation methods used by economists. In doing so, it sets the stage for the more detailed chapters on theory and methods that follow.]

Published: Feb 11, 2017

Keywords: Preferences; Market failure; Externalities; Ecosystem services; Held versus assigned values; Substitutability; Economic versus commercial values; Economic impacts versus values; Valuation process; Aggregation; Discounting; Uncertainty; Valuation methods

There are no references for this article.