The Contribution of Nonmarket Valuation to Policy: The Case of Nonfederal Hydropower Relicensing

The contribution of nonmarket valuation studies to decisions about the operation of nonfederal hydroelectric facilities is examined. Hydropower licensing reforms by the Federal Energy Regulatory Commission to better weigh market and nonmarket tradeoffs did not require or use nonmarket valuation. License negotiation processes are interpreted as a substitute for valuation.