ABSTRACT
Environmental economics research in the last two decades has greatly extended the range of techniques available for the monetary evaluation of environmental damages and benefits. Extensive surveys of both the theory and practice are to be found in Pearce and Markandya (1989), Johansson (1987), Bentkover, Covello and Mumpower (1986), Kneese (1984) and Freeman (1979, 1982). Surveys specific to particular environmental media are to be found in Smith and Desvousges (1986) and Feenberg and Mills (1980) for water quality Halvorsen and Ruby (1981) for air pollution, and Wilman (1984) for beach pollution. Specific techniques have been extensively studied. The contingent valuation method (CVM), which relies on direct eliciting of values by questioning respondents, has been evaluated in depth by Cummings, Brookshire and Schulze (1986).
