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 collection of papers examines the current state-of-the-art in the valuation of environmental resources. In particular, they assess the meaningfulness of environmental resource values obtained through the contingent valuation method. A group of scholars develops a fuller understanding of the strenghs and weaknesses of the methodology and discusses a research agenda to improve estimates of environmental resource values. Economic value and the ability to obtain it through the survey measurement of consumer preferences is central to their discussion. 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.