In recent years, an extensive body of literature has emerged estimating the economic value of the environment and biodiversity-related services and amenities (Constanza et al. 1997, Freeman 1993, Loomis 1992, Pearce and Turner 1992, Aylward and Barbier 1992, Munasinghe 1993, World Bank 1997). The goal of economic valuation--which finds some of its roots in cost-benefit analysis--is to impute a market value for environment-related services and amenities. Economic valuation is a used, often at the project-assessment level, because market prices either do not exist or are difficult to measure. In the past decade, advances in valuation have increased the kind of environmental costs and benefits that can be monetized. In general, valuation involves quantifying or monetizing human preferences for environmental services and amenities. |
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