Comparison of Tangibles and Intangibles

Three techniques are described for comparing the tangible and intangible costs and benefits involved in environmental and water resources projects. The three techniques are: (1)Engineering judgment; (2)cost-benefit analysis; and (3)preference analysis. A game used in interviews to establish preferences is described and the interpretation of the results of the game is covered. Development and cautious use of preference analysis as part of the evaluation of tangible and intangible costs and benefits is recommended.