Fuzzy Logic and Non-market Valuation: A Comparison of Methods

Abstract

In seeking to value environmental amenities and public goods, individuals often have trouble trading off the (vague) amenity or good against a monetary measure. Valuation in these circumstances can best be described as fuzzy—both in terms of the amenity valued, perceptions of property rights, and the numbers chosen to reflect values. In this paper, we review three approaches to fuzzy valuation, and compare results from fuzzy valuation with those obtained using usual techniques of valuation.