ABSTRACT
This chapter looks at some of the ways in which money values can be ascribed, and at the ways in which monetary valuation is used in practice. It argues that there is an internally consistent set of procedures for determining the economic values that can be attached to environmental assets, and that monetary valuation is far more widely used than might be realized. If individuals have some defined right to a clean environment, then, in a context where the environment is to be put at risk, the correct concept if willing to accept, since they are being asked to forgo something to which they have a right. Monetary valuation and cost benefit analysis have entrenched themselves into practical policy appraisal far more than ever before in UK, European and American history. The hedonic price method uses surrogate markets markets which are affected by the asset in question — to determine values of a non-marketed good.
