A natural resource valuation tool for assisting natural resource management

Purpose The paper's purpose is to investigate the opportunities for better integration of environmental valuation (EV) methodology into the natural resource management (NRM) decision‐making process in the context of NRM practices in South Australia and to offer a practical valuation tool to the NRM agencies for assisting the NRM decision‐making process. Design/methodology/approach This research examines the theoretical approach to EV methodology in an attempt to reduce certain limitations of the methodology. Data for this project were collected through interviews with various South Australian state NRM authorities. Both theoretical and empirical findings led to the development of a natural resource valuation (NRV) tool based on a modification of the contingent valuation (CV) technique. Findings The data obtained indicate a range of reasons for under‐utilisation of EV methodology in NRM practice in South Australia such as the controversial nature of the methodology and low level of awareness among NRM practitioners about the benefits of undertaking EV studies. These findings are addressed by the NRV tool aimed at promoting EV in NRM community consultation practices. Originality/value The results described in the paper are of value to NRM practitioners in offering a new valuation tool for better‐informed decision making. As a theoretical assessment of certain aspects of EV methodology, this research is of value to the academic community.