Abstract
Environmental valuation is the practice of assigning monetary values to nature and its associated functions. Because environmental “goods” and “services” are not normally traded on markets, economists have designed various methods, including stated and revealed preference, for arriving at monetary values that reflect what individuals are willing to pay. Environmental valuation is primarily undertaken with the aim of (i) incorporating environmental goods and services into cost–benefit analyses; (ii) internalizing environmental costs in market transactions; (iii) setting up markets in environmental services; and (iv) assessing compensation for environmental losses or for maintaining an ecosystem service. Human geographers have only recently engaged with environmental valuation. Some suggest that valuation practices should incorporate spatial elements such as scale and proximity, while others criticize the practice for its oversimplification of complex processes and ecologies and for its role in the commodification of nature.
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