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This article evaluates economic use values of groundwater and examines the trade-offs between agricultural and recreational uses of the Fuencaliente Aquifer in southern Spain. This case study is an example of the relevance of the non-market values of groundwater resources in achieving more sustainable management of groundwater resources, an issue on which there is still scarce evidence in the literature. The revealed preference of stakeholders associated with the current resource allocation (as defined by the agreed aquifer management plan) can be explained by the consideration of option values and economic non-use values (cultural and historical).