EPA failing to quantify environmental benefits, leaving policy decisions uninformed.
The paper reviews how the U.S. Environmental Protection Agency uses nonmarket valuation in environmental policy. It looks at trends in this area over the past 45 years and analyzes how often nonmarket benefits are measured and which methods are used in recent EPA analyses. Despite growth in the nonmarket valuation literature, many benefits are still not quantified in policy. The use of nonmarket value estimates is limited to older research, but research grants are being used to address some gaps.