A Primer on Nonmarket Valuation
This is a practical book with clear descriptions of the most commonly used nonmarket methods. The first chapters of the book provide the context and theoretical foundation of nonmarket valuation along with a discussion of data collection procedures. The middle chapters describe the major stated- and revealed-preference valuation methods. For each method, the steps involved in implementation are laid out and carefully explained with supporting references from the published literature. The final chapters of the book examine the relevance of experimentation to economic valuation, the transfer of existing nonmarket values to new settings, and assessments of the reliability and validity of nonmarket values.
The book is relevant to individuals in many professions at all career levels. Professionals in government agencies, attorneys involved with natural resource damage assessments, graduate students, and others will appreciate the thorough descriptions of how to design, implement, and analyze a nonmarket valuation study.
Covers the main nonmarket valuation techniques at a level appropriate for individuals who do not have a PhD in economicsChapters are laid out similarly with the steps to implementing each of the nonmarket valuation techniquesThe citations provide a valuable resource to fully understand the recommendations and for supporting research designsThe 2nd edition includes updated chapters from the 1st edition as well as three new chapters: Substitution Methods, Experimental Methods in Valuation, Reliability and Validity in Nonmarket Valuation