This report is not intended to be a handbook for how to do valuation techniques or to be exhaustive on all the applications done in Latin America and the Caribbean. Rather, it is intended to be a statement, as free of economic jargon as possible, about how and why economists value environmental...

Conventional discrete choice Random Utility Maximization (RUM) models of recreation demand ignore the influence of knowledge, or site capital, gained over past trips on current site choice, despite its obvious impact. We develop a partially dynamic RUM model that incorporates a measure of site...