¥Conventional economics –> measures of economic value based on what people want (Òmarket economiesÓ), individuals, not government, should be the judge
¥Maximum amount a
person is Òwilling to give up to get more of something else is fair measure of
relative ÒvalueÓ of the two things to that person
¥Measuring of values of ES in $ does not
require they be bought & sold in markets – just estimates of Òwillingness to give up to getÓ
¥Non-$ measures
include ranking or prioritizing the expected benefits of environmental
benefits
¥Indicator-based
valuation tools are often less expensive & require less time to apply