ABSTRACT
Many of the services produced in complex environments are not marketed directly. Air quality, hydrosystem and ecosystem stability, and visual aesthetics are just a few examples. Other services, e.g., recreational access, often are administratively priced at levels bearing no systematic relationship to market-clearing prices. In these cases, value information, in forms consistent with theoretically valid concepts, is not directly observable in organized markets. For this reason, considerable ingenuity has been devoted in recent years to devising and implementing non-market methods for value estimation. In this chapter, the theoretical bases for the "mainstream" non-market valuation methods are developed in terms compatible with the general model for benefit cost analysis presented in a previous chapter. 1
