The increasing demands which society places on the natural environment have led us to seek new ways of estimating the monetary costs of environmental degradation so that they can be compared with the benefits of development. This book provides a comprehensive and readable examination of the major techniques used in cost-benefit analysis and project appraisal to value environmental goods and services. Written by two leading practitioners in environmental valuation, the book includes detailed examinations of the theory and practice of a wide range of valuation techniques including contingent valuation, hedonic pricing, choice experiments and travel cost methods. Complementing the theory are case studies on various policy areas such as water quality, recreation, landscape and biodiversity drawn from Europe, the United States and Asia. The book concludes with an informative and provocative review of important contemporary issues as well as suggesting areas of future research in the practice of environmental valuation.
Economic Valuation of the Environment will be essential reading for environmental and ecological economists and those practising resource management as well as for planners and policymakers.