Environmental valuations are an important component of many regulatory and legal proceedings. The U.S. Environmental Protection Agency, for example, is required to evaluate all benefits and costs for any regulatory change that would impact the U.S. economy by $100 million or more. Outside the regulatory realm, both the National Oceanic and Atmospheric Administration and the Department of the Interior include lost environmental values resulting from natural resource injuries, such as lost recreational value, in natural resource damage assessments.
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