The course starts with an introduction to ecological economics. It then reviews the most common methods used to estimate the value of environmental goods and services. Each method is reviewed in turn, through the detailed analysis of a case study, which will also provide the forum to discuss limitations, variations and policy implications of each method. Two lectures will be used to discuss broader issues related to regulations and incentive-based uses of economic measures. The students will also carry out a group project (in groups of approximately 7 to 15, depending on the size of the class) to estimate the value of an environmental good or service in Hong Kong. The students will write a group report describing the methods used, the findings, and the policy implications. During the last lecture, the students will present their findings to the class. By the end of the course, the students will have a good grasp of the advantages and disadvantages of economic approaches to the evaluation of natural resource. They will also be able to understand the policy implications of using such approaches, within the broader discussion of principles of resource evaluation and planning, concept of sustainable resource management, and optimal use of resources.