EXECUTIVE SUMMARY
The growing concern over environmental degradation has heightened the role of environmental economics and the
valuation of natural resources as analytical tools that facilitate policy design for sustainable management. Research of
the past four decades, however, has not provided reliable methods for measuring the economic value of most nonmarketable
environmental assets involved in damage claims and allocation decisions. In this study, rather than relying
on current valuation practices to guide resource allocation policies and to determine compensation awards, a
‘damage schedule approach’ is proposed as an alternative.