Edited by Raymond J.G.M. Florax, Peter Nijkamp and Kenneth G. Willis
Chapter 6: Environmental value transfer: state of the art and future prospects
6. Environmental value transfer: state of the art and future prospects Roy Brouwer 1 INTRODUCTION Environmental value or beneﬁts transfer has become a controversial issue in various policy contexts, not least because of academic and political reservations over the usefulness and technical feasibility of economic valuation tools to demonstrate the importance of environmental values in project or programme appraisal.1 The technique of transferring estimated monetary values for non-market environmental goods and services across sites and populations is much more widely accepted and applied in the United States than in Europe as a result of, inter alia, the oﬃcial support for cost–beneﬁt analysis (CBA) by the US Environmental Protection Agency. European authorities are much more circumspect about the role of beneﬁts transfer. As a result of recent unconditional applications of value transfer in the policy context of water management of low ﬂow rivers in the United Kingdom, its potential role in informing environmental decision making has been compromised together with the UK Environment Agency’s eﬀorts to further develop the use of CBA in the policy decision process.2 A lot of the controversy surrounding value or beneﬁts transfer can be related back to the longstanding debate about the role of CBA in informing decision-making (for example, Turner, 1978). For most critics of CBA, economic value theory underlying CBA and economic valuation techniques are overly restrictive. The assumptions underlying the theory are considered too narrow and simple to properly describe people’s held environmental values, the process...
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