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Revealed Preference Methods for Nonmarket Valuation: An Introduction to Best Practices

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  • Ian J. Bateman
  • Catherine L. Kling

Abstract

This article provides an introduction to the symposium on best practices for using revealed preference methods for nonmarket valuation. Nonmarket valuation is an essential tool in the benefit–cost analysis (BCA) of environmental goods and services. Here, we identify the role of BCA in several key U.S. Executive Orders, U.K. appraisals, and European Union Directives that inform decision-making concerning regulatory oversight. We describe the evolution of key mandates over the last three decades and discuss some examples of how the analyses performed under these mandates have impacted regulatory outcomes.

Suggested Citation

  • Ian J. Bateman & Catherine L. Kling, 2020. "Revealed Preference Methods for Nonmarket Valuation: An Introduction to Best Practices," Review of Environmental Economics and Policy, University of Chicago Press, vol. 14(2), pages 240-259.
    • Handle: RePEc:ucp:renvpo:doi:10.1093/reep/reaa009
    DOI: 10.1093/reep/reaa009
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    Cited by:

    1. Hans Westlund & Mats Wilhelmsson, 2021. "The Socio-Economic Cost of Wind Turbines: A Swedish Case Study," Sustainability, MDPI, vol. 13(12), pages 1-16, June.
    2. John N. Ng’ombe & B. Wade Brorsen, 2022. "The Effect of Including Irrelevant Alternatives in Discrete Choice Models of Recreation Demand," Computational Economics, Springer;Society for Computational Economics, vol. 60(1), pages 71-97, June.
    3. Juan F. Velasco-Munoz & José A. Aznar-Sánchez & Marina Schoenemann & Belén López-Felices, 2022. "The economic valuation of ecosystem services: bibliometric analysis," Oeconomia Copernicana, Institute of Economic Research, vol. 13(4), pages 977-1014, December.
    4. Robert J. Johnston & Kevin J. Boyle & Maria L. Loureiro & Ståle Navrud & John Rolfe, 2021. "Guidance to Enhance the Validity and Credibility of Environmental Benefit Transfers," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 79(3), pages 575-624, July.

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