Abstract A general model for valuation of changes in natural resource service flows, entirely consistent with Hicksian concepts of consumer surplus, is developed. It is a total value model, applicable to all classes of goods: divisible and indivisible in production, divisible and indivisible in consumption, exclusive and nonexclusive. The standard result of partial equilibrium microeconomics—price is equal to value at the margin‐may be derived as a special case from this model. An empirical application involving the valuation of changes in the provision of wildlife‐related amenities is presented.
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