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Nonmarket Valuation in the Environmental Protection Agency's Regulatory Process

Daniel Petrolia (), Dennis Guignet, John Whitehead (), Cannon Kent, Clay Caulder and Kelvin Amon

No 20-11, Working Papers from Department of Economics, Appalachian State University

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:

Date: 2020
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