Pricing What is Priceless: A Status Report on Non-Market Valuation of Environmental Resources

Abstract

This paper provides a selective overview of the modeling and estimates of the economic values of environmental resources. Travel cost, hedonic property values, contingent valuation and household production models are discussed and evaluated. Two new approaches - calibrated models and conjoint analysis - are compared with existing methods. For each class of models the review identifies some of the current research issues and potential areas for linking the results to policy.

JEL Classification: Q2, H40