Development of a New Method for Valuing Environmental Resources
This project seeks to provide insights that will lead to improvements in contingent-valuation (CV) methods for estimating the economic value of environmental gains and losses. Despite substantial increases in the use of CV methods, serious doubts remain concerning their validity and accuracy. The researchers believe that improvement in CV methods can be made by paying closer attention to the multidimensional nature of environment values and to the constructive nature of human preferences. They propose to develop both theoretical and applied linkages between CV approaches and techniques based on the value-structuring capabilities of multiattribute utility theory and decision analysis. These improvements will result in the development of methods to integrate environmental valuations across multiple dimensions of value, including values that are not represented in monetary terms. This will result in more defensible valuation efforts and, to the extent that stakeholders regard the evaluation process as more valid, should lead to decrease in litigations against EPA projects and programs.
|Decision Science Research Institute|
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