ScholarLens Back to search
2020•RePEc: Research Papers in EconomicsRequires access

Nonmarket Valuation in the Environmental Protection Agency's Regulatory Process

Daniel R. Petrolia, Dennis Guignet, John C. Whitehead, Cannon Kent, Clay Caulder, Kelvin Amon

Open publisher page 0 citations

Abstract

This paper reviews the use of nonmarket valuation in environmental policy at the U.S. Environmental Protection Agency (EPA). We examine trends in the nonmarket valuation literature over the last four and a half decades, and compare those trends to an assessment of how often nonmarket benefits are monetized and which methods are used in 49 recent EPA Regulatory Impact Analyses. Considering shortcomings in the application of nonmarket valuation in policy, we review EPA awarded research grants and their focus. We conclude that the nonmarket valuation literature continues to grow but that many nonmarket benefits continue to go unquantified and unmonetized in policy analysis. The use of nonmarket value estimates is generally limited to a small and dated body of work, but it appears that research grants are targeted to help fill some gaps. Key Words:

Open-access reader

About this research paper

What this paper is about

This paper reviews the use of nonmarket valuation in environmental policy at the U.S. Environmental Protection Agency (EPA). We examine trends in the nonmarket valuation literature over the last four and a half decades, and compare those trends to an assessment of how often nonmarket benefits are monetized and which methods are used in 49 recent EPA Regulatory Impact Analyses. Considering shortcomings in the application of nonmarket valuation in policy, we review EPA awarded research grants and their focus. We conclude that the nonmarket valuation literature continues to grow but that many nonmarket benefits continue to go unquantified and unmonetized in policy analysis. The use of nonmarket value estimates is generally limited to a small and dated body of work, but it appears that research grants are targeted to help fill some gaps. Key Words:

Why it matters

A significance statement is not available in the OpenAlex record.

Key contribution

A contribution statement is not available in the OpenAlex record.

Method / approach

Method details are not available in the OpenAlex metadata.

Main findings

Findings are not separately available in the OpenAlex metadata.

Limitations

Limitations are not available in the OpenAlex metadata.

Applications

Application details are not available in the OpenAlex metadata.

Available abstract

This paper reviews the use of nonmarket valuation in environmental policy at the U.S. Environmental Protection Agency (EPA). We examine trends in the nonmarket valuation literature over the last four and a half decades, and compare those trends to an assessment of how often nonmarket benefits are monetized and which methods are used in 49 recent EPA Regulatory Impact Analyses. Considering shortcomings in the application of nonmarket valuation in policy, we review EPA awarded research grants and their focus. We conclude that the nonmarket valuation literature continues to grow but that many nonmarket benefits continue to go unquantified and unmonetized in policy analysis. The use of nonmarket value estimates is generally limited to a small and dated body of work, but it appears that research grants are targeted to help fill some gaps. Key Words:

Key concepts: Nonmarket forces, Valuation (finance), Agency (philosophy), Economics, Public economics, Business, Finance, Microeconomics

Related papers

Related paper 1Related paper 2Related paper 3
Back to paper searchBrowse research topicsOriginal source
Nonmarket Valuation in the Environmental Protection Agency's Regulatory Process — Research Paper | ScholarLens