In tropical regions, mangroves, clean (unpolluted) water-bodies and fish are important aspects of wetland areas, which are considered as the basic requirement for livelihood improvement in local communities. Particularly, their conservation is very important to both inland as well as inshore fisheries. However, conservation of such areas is dependent on the perceptions of key stakeholders in the area. A novel approach of a one and one-half bound based contingent valuation method (CVM) was implemented to measure the stakeholder willingness to pay (WTP) towards the conservation of fish, mangroves and water in a Sri Lankan wetland area. Estimated median WTP is Rs. 264.26, which is thought reliable when considering average income in the community. The analytic hierarchy process (AHP) was used to separate use and non-use values from the total value. Results show that non-use values are a significant component in the elicited WTP value, of between 45-55%. In the past such commodities have been assigned zero or low values due to difficulties involved in assigning economic values.