The function of a values analysis is to provide a comprehensive framework for identifying, categorizing and evaluating the values affected by decision and policy making. In part, it is motivated by a need to ensure appropriate representation and weighting of the sorts of values that are often seen as incommensurable with economic values and cost-benefit analysis. This paper describes the reasoning behind the development of a value analysis, the procedure involved in conducting such an analysis and how values analysis can be connected to ethnographic research. The paper also assesses the literature on vulnerability to climate change with an eye to how well it represents the diversity of values pertinent to stakeholder vulnerability. It then incorporates the three functions of value analysis with the functions of ethnographic research as set out in the team?s working paper by Smit, Wandel and Young, ?Vulnerabilities of Communities to Environmental Change.?