Direct market valuation
RICS Insight Paper ‘Value of natural capital - the need for chartered surveyors’ published by the Royal Institution of Chartered Surveyors in 2017 suggests that direct market valuation is a revealed preference method that draws on the revealed preferences of stakeholders.
Direct market valuation approaches: ‘can be based on transactional data, production costs or replacement costs. This can be extended to the cost of avoiding damage to an ecosystem, or the cost of replacing a damaged or destroyed service. This extends to production function based approaches where, for example, the ‘value’ of an ecosystem service can be gauged by the value of the final (marketable) product to which it gives rise (for example water for consumption).’
Other revealed preference methods include:
Approaches other than the revealed preference method include:
- Stated preference valuation.
- Value transfer/benefit transfer.
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