Environmental Valuation (Environmental Analysis and Economic Policy series, 3)

This authoritative two volume collection illustrates the most important methods for valuing non-priced environmental goods. It will be essential reading for new researchers as well as providing an excellent source of well-known material for scholars already working in this area.The first volume provides a variety of papers on different applications of opportunity cost, travel-cost, hedonic price and contingent valuation methods which emphasise both theory and practice. Classic articles on discrete choice, non-use values and the WTA v. WTP controversy are included. It also includes contributions from psychologists which identify anomalies in economic theory as well as developing more robust evaluation methods.The second volume addresses the problem of evaluation when there are multi-attribute goods and programmes and considers how the validity of results can be assessed. Allocative mechanisms for environmental resources are also illustrated with analysis of some of the property rights issues surrounding damage to resources. A series of case studies evaluate major issues: biodiversity; wetlands; landscape; noise; safety and air pollution. The volume concludes with the transfer of benefit estimates between sites, the usefulness of meta-analysis and two thought provoking articles concerning the meaning of valuation.