Alpine regions provide diverse ecosystem goods and services (ES) to human society. Yet as many of these ES are not bought or sold, their value must be estimated using a surrogate for observable behavior witnessed in the marketplace. The present article reviews ES valuation studies conducted in the European Alps. In addition, we present the results of a case study where we integrated the value of selected ES (avalanche protection, scenic beauty values, C-sequestration, habitats of capercaillie [Tetrao urogallus]) into the planning of new settlement areas in the tourism resort of Davos (Swiss Alps). Benefit estimates derived from the economic valuation studies tend to be specific to a particular method, ecosystem, and socioeconomic circumstance. The case study shows, however, that consideration of ES values can help identify the most beneficial locations for new development if appropriate selection of ES is made, and if these ES can be valued in a spatially explicit form. The achievements of research to date indicate that accounting for the value of multiple ES in an Alpine region will increasingly make important information available to planners.