ABSTRACT
A challenge facing many policy-makers and managers who are responsible for allocating public resources is that there are usually more uses for a resource than the supply can support. A given parcel of open space may be desired by park planners, shopping centre developers, and residential subdivision developers. An historic building might be the object of competing demands from an architectural preservation group, a retail developer interested in an attractive facility for boutiques, and a municipal government that is being pressured to provide additional parking. The decision about which use a particular resource should ultimately serve can be complicated and contentious, involving arguments from economists, special interest groups and the general public, as well as restrictions imposed by legislation, zoning, and urban or regional plans. A policy-maker or manager needs information on the value of a resource in competing applications to help resolve the debates.
