Because ecosystem service valuation can be time- and knowledge-intensive, make sure you are clear about the reasons for undertaking an ecosystem service valuation before committing the resources. For some projects, identifying ecosystem services and associated metrics may be enough and a valuation may not be necessary. Is the purpose to assess trade-offs between management actions? Is the valuation legally required? Is a stakeholder or funder asking for the valuation? What information does the valuation give you that you didn’t have before? How and to whom is this value useful?

Decide whether one ecosystem service, multiple ecosystem services, or the full range of ecosystem services will undergo valuation. Also, consider what types of values and whose values will be captured.

Think about the spatial extent of the valuation, as the geography of the ecosystem valuation includes both the area containing the ecosystem that supplies the ecosystem service (ecosystem geography) as well as the human population benefiting from the ecosystem service (human population). Since values come from people, it is important to identify relevant populations whose values will be included in the valuation. The geography of the study population is likely to vary from the ecosystem geography.

Be clear about the time frame of the analysis − reconcile the period when the action impacting the ecosystem occurs with the period when people experience the resulting change in the level of ecosystem service. Provision refers to whether the value reflects a stock (measurement at a point in time) or flow (over a period of time impact), and if an ex-ante (values collected before the action) or an ex-post (after the action) measurement is used.

Because ecosystem service valuation considers socioeconomic, not ecological, outcomes, successful ecosystem services valuation requires carefully linking the ecological outcomes of your project (for example, improved water quality) with peoples’ experiences and how they value these outcomes in terms of socioeconomic outcomes (for example, increased number of beach-going days). Select socioeconomic metrics that measure how ecosystem users value the outcomes of your project. This may require reviewing available research, interviewing experts, and determining how any remaining data gaps will be addressed.

Take time to consult with an economist to choose the most appropriate valuation method. Choosing a valuation method depends on how the ecosystem service change is impacting well-being, as well as the policy framing of these changes.

Some available methods include market valuation (market analysis, production functions), revealed preferences (hedonic price method, travel cost), defensive expenditures and avoided damage costs, and stated preference (contingent valuation). Consider if the benefits transfer method (applying values from other valuation studies to your study) is sufficient to meet the goals of the valuation.

You will need an economist to do the original economic valuation research. The data and modeling requirements vary according to the valuation method used. When the ecosystem service under consideration is a marketed good or service, data on market prices can be used to indicate value. Ecosystem services, however, are typically non-marketed so prices are not directly available. Undertaking a valuation study means finding alternative data. This typically requires administering a survey or finding data that enables you to infer value for a non-marketed ecosystem service based on the value of another service that has a market price. If you are using the benefits transfer method, in some cases, you can get technical assistance from an economist so that you can complete the analysis yourself.