Your note will be assessed on the following criteria:
• The essay demonstrates the capacity to critically assess the use of non-market valuation
techniques in a cost benefit analysis;
• The ability to explain complex theoretical concepts in relation to their application to the
appraisal of a project;
• The ability to identify relevant academic or policy documents that should guide economists
in the evaluation of non-marketed goods or services;
• The writing style conveys technical information in an intuitive way, accessible to a non specialist reader.
Choose a project that has been assessed using cost benefit analysis. You are asked to critically
discuss and review the use of non-market valuation methods in relation to the analysis of your
The essay should provide an answer to the following questions:
1. How are non-marketed goods or services assessed in the cost benefit analysis?
2. What justification is provided for the use of these specific techniques?
3. What alternative methods could have been used instead? What are the pros and cons of these alternative methods?