ABSTRACT
There are many important goods and services in our everyday lives that are not bought and sold. Danger, excessive noise, and polluted air are examples of nonmarketed costs we all live with. Beautiful sunsets, views of snow-capped mountain peaks, or historic buildings are examples of goods with non-marketed visual benefits. Because these non-marketed goods are common and often important for policy decisions, benefit-cost analysis related to all types of pollution, traffic congestion, health policy, and many other issues cannot be analyzed in economically rational terms without some effort to assign money values to these goods.
