ABSTRACT
There are many different kinds of value. When seeking to measure benefits and costs, economists have a range of methods under differing conditions. But measuring is difficult. By looking at some of the methods economists and others use, we reveal different facets of value. Where goods and services are priced, the answers should be simple (or simpler) to understand. When dealing with goods that have no proper market, the methods are usually anything but straightforward. Usually the method seeks to evaluate the benefit or the cost in terms that are closer to the market. In this way the value of a visit may be related to the cost of travel. Other studies rely on asking what people prefer. The trick is to ask the right question, and to be able to interpret the answer. Economists vary in their view of which methods work best, under which conditions, and some of the issues are discussed.
