Group Quiz Thursday Homework #2 Due Next Thursday Exam #1 Next Thursday Writing Assignment Due Oct. 27th
Classify environmental values Discuss methods of valuation Stated vs. Revealed Preferences Using Cost/Benefit Analysis
Use value – the value that people place on the use of a good or service Direct use value- the value one obtains by directly using a natural resource, such as visiting a national park Indirect use value- ecosystem benefits not valued in markets, such as flood prevention or pollution absorption.
Non-use value- values people obtain without actually using a resource Existence value- the value people place on the continued existence of a resource, such as the benefit of knowing acres of the rainforest have been preserved Option value- the value people place on maintaining future resource use options Bequest value-value people place on the knowledge that a resource will be available for future generations
Revealed Preferences Market price Simulated market Travel cost Hedonic property values Hedonic wage values Avoidance expenditures Stated Preferences Contingent valuation Attribute based models Conjoint analysis Choice experiments Contingent ranking
Homework #2 Due Next Thursday Exam #1 Next Thursday Writing Assignment Due Oct. 27th