Are there alternatives to "commodifying" environmental goods through nonmarket valuation?
Imagine that you are a public policy decision-maker-either a legislator or the head of a government agency. You must decide whether to support new regulations on oil tankers that will increase the price of gasoline to consumers, or to leave in place the current regulations, which have a higher probability of another oil spill. What information would be helpful to you in making this decision? Would you like to have the benefits of avoiding an oil spill measured in monetary units, or do you think that this information would not help you in your decision?