Introduction to non-market valuation : Theory and methods

Abstract

This paper is presented in response to the need for a non-technical introduction to non-market valuation. Its objectives are to present the concept of consumer surplus, upon which estimates of economic value are based, and to illustrate the most widely accepted methods of measuring values. While this paper is aimed principally at students of resource management it should be of use as a concise introductory summary of non-market valuation for professional resource managers. Those wishing to apply the techniques discussed will require information found only in much more detailed literature on each of the methods. However, the material presented here should allow readers to identify whether a particular method will be appropriate to their needs.