Discussion
Non-market benefits such as amenity are included in a coastal appraisal by
Answer: D
Correct answer: valuation techniques that assign them a monetary equivalent
Amenity, landscape and habitat have real value but no market price, so appraisal uses techniques that infer one - travel cost, hedonic pricing from property values, contingent valuation by survey, and benefit transfer from studies elsewhere. The figures are contestable, but excluding them altogether would value them at zero, which is a stronger and less defensible assumption than any of the estimates.
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