The first edition of this important work was the winner of the 2002 Publication of Enduring Quality award by the Association of Environmental and Resource Economists. The continuing premise for the book is that estimates of the economic values of environmental and natural resource services are essential for effective policy-making. As previous editions, the third edition, which includes two additional co-authors, presents a comprehensive treatment of the theory and methods involved in estimating environmental benefits.
Researchers, policy-makers, and practitioners will welcome the work as an up-to-date reference on recent developments. Students will gain a better understanding of the contribution that economics as a discipline can make to decisions concerning pollution control and human health, recreation, environmental amenities, and other critical issues concerning the way we use and interact with environmental and natural resource systems. To reflect recent progress in both the theory and practice of non-market valuation, the third edition includes more details on empirical approaches to measurement, expanded discussion of the reasons for divergence between "willingness to pay" and "willingness to accept compensation," and increased coverage of econometric issues encountered in estimation. In keeping with its cutting edge orientation, it also includes more discussion of survey design, equilibrium sorting models, and the implications of behavioral economics for welfare measurements and benefit cost analysis.
"This new edition provides the complete package in environmental valuation – adding more detail on empirical methods, surveys, behavioral economics, and frontier issues to the previous classic edition. A particularly appealing aspect of the book is the rigorous linkage between economic theory and the practice of valuation. It is truly an outstanding contribution to the field." – W.L. (Vic) Adamowicz, Professor, Department of Resource Economics and Environmental Sociology, University of Alberta, Canada.
"This superb book sets a new standard for guidelines regarding the valuation of environmental resources. Embracing the full range of available methods, it provides a comprehensive and readily accessible guide to valuation exercises that will prove a key reference for both researchers and research users." – Ian Bateman, Professor of Environmental Economics, University of East Anglia, UK.
"This book, co-authored by three of the world’s leading experts in the field of nonmarket valuation, should be on the shelf of anyone interested in an authoritative and up-to-date source of information about the theory and methods used in this field." – Kathleen Segerson, Alumni Association Distinguished Professor, Department of Economics, University of Connecticut, USA.
1. Resource Evaluation and Public Policy
2. Measuring Values, Benefits, and Costs: An Overview
3. Welfare Measures: Definitions and Concepts
4. Welfare Measures: Theoretical Basis for Empirical Measurement
5. Valuing Changes in Risk
6. Aggregation of Values across Time
7. Valuing Longevity and Health
8. Environmental Quality as a Factor Input
9. Recreation Demand
10. Property Value Models
11. Hedonic Wage Models
12. Stated Preference Methods for Valuation
13. Additional Topics
14. Conclusions and the State of the Art