Nonmarket Valuation of Environmental Resources: An Interpretive Appraisal

V. Kerry Smith

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Economic and Environmental Valuation Land Use and Ecosystem Services Socioeconomics of Resources and Conservation

Abstract

This paper reviews research on nonmarket valuation. It seeks to gauge whether the methods are up to the tasks demanded of them and to identify new research priorities. The evaluation suggests that we can outline a protocol for implementing and using the methods with some resources, while for other resources our experience is still developing. Because the demands for valuation information are increasing as fast as our understanding of measurement methods is advancing, the next step in development requires defining a systematic "commodity structure" for environmental services with the needs for valuation measures providing conceptual underpinnings.

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References

1989Using surveys to value public goods: the contingent valuation method 1989Giving with Impure Altruism: Applications to Charity and Ricardian Equivalence 1996The Theory of Externalities, Public Goods, and Club Goods 1967The Determinants of Residential Property Values with Special Reference to Air Pollution 1983From weakest-link to best-shot: The voluntary provision of public goods 1988On the Choice of Funtional Form for Hedonic Price Functions 2008Exact Consumer's Surplus and Deadweight Loss 1972Estimating demand for public goods: An experiment

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2007Web-based surveys as an alternative to traditional mail methods 1994A Difficulty with the Travel Cost Method 2003Contingent Valuation in Practice 2008The recreational value of Lake McKenzie, Fraser Island: An application of the travel cost method 1996The impact of airport noise on willingness to pay for residences 1997Valuing a Global Environmental Good: U.S. Residents' Willingness to Pay to Protect Tropical Rain Forests

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