ABSTRACT
From Parts I and II, it emerges that value and valuation tools are multiple and their application depends on the decision-making context, as well as the data and expertise that are available. Some of the valuation tools used for regulating services are summarized in Table 13.1. However, many of the techniques based on behavioral models are based on a normative version of economics and do not convey the way in which the individual or society is actually valuing the ecosystem service under consideration. Here, one can observe the distinction between those who want to value ecosystem services by asking what people would do and those who would actually observe what people have done (as emphasized by Simpson in Chapter 4 of this book). Methods based on stated preference, like contingent valuation method (CVM), choice experiments (CE) or contingent ranking, tend to ask what people would do and this may entail numerous sources of bias which
detract from the credibility of the valuation exercise in the eyes of decision makers.
