ABSTRACT
There are numerous valuation methodologies available to estimate the economic values of environmental changes for benefit-cost and other policy analyses. As this book has pointed out repeatedly, these methodologies can be roughly classified as revealed preference and stated preference approaches. The strengths of the revealed preference approach are the weakness of the stated preference approach, and vice versa. The joint estimation of revealed and stated preference data seeks to exploit the contrasting strengths of both approaches while minimizing their weaknesses.
