¥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