Economists are increasingly using contingent valuation methods “to assess the economic value of recreation, scenic beauty, air quality, water quality, species preservation, and bequests to future generations.” These methods attempt to determine individuals’ willingness-to-pay to preserve natural environments (preservation or existence values), to maintain the option of using natural environments (option values), and to bequeath natural environments to future generations (bequest values). This paper argues against the defense of the contingent valuation method put forward by Steven Edwards in his article “In Defense of Environmental Economics,” and then describes the outcome of an experiment conducted in Wyoming.
