Valuing Unique Natural Resources: The Case of Endangered Species

The valuation of environmental goods and services is an area of significant recent interest with ramifications for environmental policy-making and natural resource damage assessments. Controversy exists over the best way to determine passive-use values , i.e., benefits accruing to individuals based on the knowledge that a specific environmental resource exists or the knowledge that it will be available for future generations. The contingent valuation method (CVM) is at present the only technique available for determining passive-use values, and it has been widely criticized. This paper describes an alternative technique based on the solicitation of expert opinion and reports the results of a preliminary study using appraisal professionals to value eight
of Virginia's endangered species.

White, Mark. "Valuing Unique Natural Resources: The Case of Endangered Species." University of Virginia Online Scholarship Initiative (1996).

Originally published at http://etext.lib.virginia.edu/osi/