Benefit–cost analysis requires the monetization of all relevant benefits and costs of a proposed policy or project, whose values can be derived from market transactions. However, in the case of valuation of Environmental goods and services whose values cannot be derived from market transactions, special valuation methods have been developed for this purpose. With the use of appropriate examples explain the use of the contingent valuation versus tangible and intangible benefits method

Benefit–cost analysis requires the monetization of all relevant benefits and costs of a proposed policy or project, whose values can be derived from market transactions. However, in the case of valuation of Environmental goods and services whose values cannot be derived from market transactions, special valuation methods have been developed for this purpose. With the use of appropriate examples explain the use of the contingent valuation versus tangible and intangible benefits method

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth

Section: Chapter Questions

Problem 17SQ

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Benefit–cost analysis requires the monetization of all relevant benefits and costs of a proposed policy or project, whose values can be derived from market transactions. However, in the case of valuation of Environmental goods and services whose values cannot be derived from market transactions, special valuation methods have been developed for this purpose. With the use of appropriate examples explain the use of the following environmental valuation methods; Travel Cost Valuation Method Hedonic Property Valuation Method Contingent Valuation Method Tangible versus Intangible Benefits Stated Preference Methods Revealed preference methods
Cost-benefit analysis is used to determine the desirability of investing in a project (such as a dam, factory, or public park) by figuring whether its present and future economic benefits outweigh its present and future economic costs. True False
Benefit–cost analysis requires the monetization of all relevant benefits and costs of a proposed policy or project, whose values can be derived from market transactions. However, in the case of valuation of Environmental goods and services whose values cannot be derived from market transactions, special valuation methods have been developed for this purpose. With the use of appropriate examples explain the use of the following environmental valuation methods; Stated Preference Methods Revealed preference methods
____ are defined as costs which are incurred regardless of the alternative action chosen in a decision-making problem.
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A critical component of the long-range transportation planning process is the development and evaluation of options for transportation solutions to meet the identified needs or deficiencies in an area. Further, if various land use scenarios are under consideration by local communities, these may also be analyzed to determine the interaction between various transportation options and land use. The study of these multimodal project proposals and land use options is often termed 'Alternatives and Scenario Analysis.' Choosing between the different options for transport solutions results in... ...an opportunity cost. II. ...a trade off. III. ...the economic problem of scarcity. I.
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Which category of benefit estimation methods does the travel-cost method belong to? Revealed-preference State-preference Net present value analysis Benefit cost ratio analysis