The transfer of environmental values in time and space has increased rapidly with the widespread use of cost benefit analysis in project evaluation and regulatory assessments over the last three decades. Over the last 15 years, other policy uses like environmental costing, greening of systems of national accounts and natural resource damage assessments after oil spills and other pollution accidents have also contributed to the increased demand for environmental values. However, most early transfers were conducted in an uncritical manner, often lacking sound theoretical, statistical and...