In this lecture on topics in environmental economics, Dr. Pete Schuhmann presents an overview of non-market valuation methods and the data needed to use them in the case of environmental goods and services. He starts by presenting definitions of value and valuation, and notes the differences between willingness to pay and willingness to accept, as well as between cost and gain. He notes that in the context of environmental goods and services for which there might or might not be market values, there are a range of market and non-market valuation approaches that can help generate common units of measure and comparisons for decision-making. He highlights market-based methods of valuation like replacement cost and damage avoidance, and non-market revealed preference methods like travel cost, random utility modeling and hedonic pricing. He notes the need for biophysical data that can be translated into indicators that can be meaningfully valued by people.
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