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How do we value things that are not sold through shops?

That’s the question addressed by Springer book series “The Economics of Non-Market Goods and Resources” edited by Professor Ian Bateman.

The latest release in the series is a welcome second edition issue of A Primer on Nonmarket Valuation”.

The book is a collaboration between fifteen experts with a common goal of creating a comprehensive practical guide to monetary valuation in the absence of market prices, providing how-to guidance for contemporary state-of-the-art value estimation with practical examples.

Originally published in 2003, the first edition of the book was written to address the lack of a “how-to” resource on valuing items that provide important services to people but that lack market prices and was a best-seller in the series. The book, sold in over 26 countries, became a go-to reference for classrooms and professionals.

The second edition updates all of the chapters with contemporary best practices. New chapters address substitution methods as well as the use of experiments to understand and evaluate the validity of value estimates.

"This new edition of the Primer sets a new standard for clarity of exposition which will be a tremendous boon for students and researchers alike, defining and explaining the frontier of knowledge in the field of nonmarket valuation," said Springer series editor Ian Bateman, Director of the Land, Environment, Economics and Policy Institute.

Link to press release: https://www.fs.fed.us/rmrs/news-releases/second-edition-best-selling-book-nonmarket-valuation-now-available

Link to details of the book series http://www.springer.com/series/5919

Date: 19 April 2017

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