This research provides empirical support for divergence between WTA and WTP, based on results from a 2002 survey of Nevada ranchers. WTP for public forage and WTA compensation to part with grazing rights are estimated simultaneously, with the estimators demonstrating a statistically significant divergence while enabling identification of ranch characteristics that influence the discrepancy in valuations. We conclude that ranching lifestyle (quality of life) accounts for some of the difference between WTP and WTA.