The contingent valuation of environmental resources

Contingent valuation analysis is both a difficult and controversial means of environmental resource valuation. Yet many economists regard it as the only valid means of measuring values in environmental policy. This major new book features papers examining the current state-of-the-art-in the valuation of environmental resources and, in particular, the meaningfulness of environmental resource values obtained through the contingent valuation method. An internationally prominent group of scholars develops a fuller understanding of the strengths and weaknesses of the methodology and discusses a research agenda to improve estimates of environmental resource values. Economic valuation obtained through the survey measurement of consumer preferences is central to their discussion. The authors describe how practitioners, critics, and users of contingent valuation have framed the fundamental issues that must be solved if the approach is to gain wider acceptance. The current state-of-the-art is outlined in a series of core papers and then debated in discussion papers. Issues covered include the need for a broad perspective in valuation research, support for replication studies, the relationship between survey structure and survey responses, the processes by which environmental resources affect individual well-being, specific issues regarding environmental goods in surveys, and better tests of internal and external validity.