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ISSUES IN NONMARKET VALUATION AND POLICY APPLICATION: A RETROSPECTIVE GLANCE

By Richard G. Walsh, Donn M. Johnson and John R. McKean

Abstract

While issues in estimating nonmarket values continue to cause concern, resource economists have more reason now than ever before to be optimistic. More progress toward improved measurement has been made in the past six years than in the previous quarter century since development of the contingent valuation and travel cost methods. The new challenge is to learn how to adjust past studies to estimate nonmarket values for future policy analysis. The process involves developing an understanding of the important variables that explain the observed difference in estimates. This paper illustrates how the results thus far could be adjusted to develop some tentative estimates of the recreation-use value of Forest Service resources.Research Methods/ Statistical Methods, Resource /Energy Economics and Policy,

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