This is a print on demand edition of a hard to find publication. Knowledge about the value of water to different users and methods with which to evaluate biophysical, economic, ecological, and social tradeoffs associated with allocating limited water resources among competing uses is vital to devising appropriate and effective water resource policies. Intended primarily for non-economists, this report reviews existing water resource economics literature (as of 2002) concerning the economic value of water in different uses in the Pacific Northwest, the evaluation of tradeoffs among uses, and the use of economic incentives for water conservation and protection or enhancement of water quality. Includes an annotated bibliography of water resource economics research.