In March 1989, the Exxon Valdez spilled 38,000 metric tons of crude oil in Prince William Sound, Alaska. Until the more recent Deepwater Horizon spill, this was the largest oil spill in the USA. Damage from this spill was estimated to include the deaths of 250,000 seabirds, 2800 sea otters, and 300 harbor seals. To estimate the cost of this damage, the shadow price of a sea otter was determined on the basis of the value of its pelt, and that of sea birds from the value of their feathers. Does this type of valuation capture the true value of these species? Do people value these animals and birds for things other than their pelts and feathers? If so, how could the full value be estimated?