From the theory of valuation for multiple component policies, five hypotheses are derived concerning the relationships between component and total value. A sixth hypothesis, 'mental accounts,' has been suggested by Tversky and Kahneman. A rigorous experimental and econometric design for testing these six hypotheses with contingent valuation data was developed, and applied in a mail survey concerning improvements at Big Darby Creek, Ohio. Empirical results were generally supportive of the proposition that contingent valuation data exhibit the properties predicted by economic theory; the one major exception was a finding of path-dependent total value.