The role of benefit transfer in ecosystem service valuation

•We summarize the demand for and supply of ecosystem service values.•A benefit transfer methodology can be used to value ecosystem services.•We review accepted guidelines for conducting benefit transfers.•We discuss advancements in benefit transfer methods and modeling techniques.

The demand for timely monetary estimates of the economic value of nonmarket ecosystem goods and services has steadily increased over the last few decades. This article describes the use of benefit transfer to generate monetary value estimates of ecosystem services specifically. The article provides guidance for conducting such benefit transfers and summarizes advancements in benefit transfer methods, databases and analysis tools designed to facilitate its application.