Environmental Values and Valuation Over Time

Economists have been engaged in the development and application of methods to estimate non-market environmental values in monetary terms for over 30 years. This history of valuation provides an opportunity to make comparisons of value estimates and the performance of valuation techniques over time.

The goal of this project is to make such comparisons with reference to the existence benefits of a protected natural area. In 1978, the first contingent valuation method application undertaken in Australia was focused on Nadgee Nature Reserve on the far south coast of New South Wales. The intention is to replicate that study using both the original questionnaire and sampling techniques and state of the art non-market valuation tools. The comparison over time afforded by this replication will provide insights into the extent and direction of changes in environmental preferences in Australia and the impact on value estimates of methodological evolution.

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