A simulation model containing both economic (monetary) and socio-environmental (value index) components is developed in a case study of predator control alternatives. Particular emphasis is given to the description and justification of the socio-economic model. The economic model is estimated in terms of producers' and consumers' surpluses. The empirical tradeoff function developed suggests that alternatives to recent predator control programs exist that could be "better" for both general public and producer interests. The general approach can serve as a prototype for policy evaluations involving multiple objectives.