This paper, authored by Richard T. Carson, Nicholas E. Flores, and Norman F. Meade, explores the controversies and evidence surrounding contingent valuation (CV), a widely used non-market valuation technique. CV is praised for its flexibility in estimating total value, including passive use value, which can significantly impact environmental policy and litigation. The authors address key areas of debate, including the validity of passive use value and the reliability of CV findings. They conclude that many issues with CV can be resolved through careful study design and implementation, and that empirical findings are generally consistent with economic theory. The paper also discusses welfare economic issues, the design and implementation of CV surveys, empirical results, strategic behavior, and the validity and reliability of CV estimates. The debate over CV has clarified several key issues related to non-market valuation, providing valuable guidance for practitioners and users of CV results.This paper, authored by Richard T. Carson, Nicholas E. Flores, and Norman F. Meade, explores the controversies and evidence surrounding contingent valuation (CV), a widely used non-market valuation technique. CV is praised for its flexibility in estimating total value, including passive use value, which can significantly impact environmental policy and litigation. The authors address key areas of debate, including the validity of passive use value and the reliability of CV findings. They conclude that many issues with CV can be resolved through careful study design and implementation, and that empirical findings are generally consistent with economic theory. The paper also discusses welfare economic issues, the design and implementation of CV surveys, empirical results, strategic behavior, and the validity and reliability of CV estimates. The debate over CV has clarified several key issues related to non-market valuation, providing valuable guidance for practitioners and users of CV results.