There have been significant improvements over the past four decades in our ability to estimate the economic value of environmental amenities and disamenities. The development of many new techniques has broadened what can be measured to include climate change impacts, damages from hazardous waste sites and air pollution emissions, and the value of many ecosystem services. We review the major economic valuation techniques, as well as numerous applications of these valuation methods. However, there remain challenges ahead. The interface between economics and the natural and physical sciences must be strengthened. Additional well-controlled “natural experiments” are always needed. The application of valuation methods outside of the United States remains a monumental task. Reliable measures of nonuse values remain elusive.
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