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Assessing Benefits for Environmental Decision Making Pt. 2 | ECON - Managerial Economics, Quizzes of Managerial Economics

Class: ECON - Managerial Economics; Subject: Economics; University: Washington & Jefferson College; Term: Forever 1989;

Typology: Quizzes

2009/2010

Uploaded on 11/13/2010

laxdud02
laxdud02 🇺🇸

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TERM 1
Environmental Quality
DEFINITION 1
User Value (direct and indirect user value) + Existence Value
(vicarious consumption and stewardship value)
TERM 2
Direct Indirect User
Value
DEFINITION 2
Direct- Benefit Derived from directly consuming services
provided by an environmental good (Commercial fleet fishing
from catching fish in the lake) Indirect User Value- Benefit
derived from indirect consumption of an environmental good
(get utility from simply looking at a view of a lake)
TERM 3
Existence Value
DEFINITION 3
gaining benefit simply by knowing that things are there
vicarious consumption- Utility associated with knowing that
others derive benefits from an environmental good
stewardship- Sense of obligation to preserve the environment
for future generations Utility derived in interdependent
TERM 4
Two Broad categories of various
measurement technique
DEFINITION 4
The Physical Linkage Approach Behavioral Linkage Approach
TERM 5
Physical Linkage approach
DEFINITION 5
Estimates benefits based on a technical relationship between
an environmental resource and the user of that resource
(damage function method)
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TERM 1

Environmental Quality

DEFINITION 1 User Value (direct and indirect user value) + Existence Value (vicarious consumption and stewardship value) TERM 2

Direct Indirect User

Value

DEFINITION 2 Direct- Benefit Derived from directly consuming services provided by an environmental good (Commercial fleet fishing from catching fish in the lake) Indirect User Value- Benefit derived from indirect consumption of an environmental good (get utility from simply looking at a view of a lake) TERM 3

Existence Value

DEFINITION 3 gaining benefit simply by knowing that things are there vicarious consumption- Utility associated with knowing that others derive benefits from an environmental good stewardship- Sense of obligation to preserve the environment for future generations Utility derived in interdependent TERM 4

Two Broad categories of various

measurement technique

DEFINITION 4 The Physical Linkage Approach Behavioral Linkage Approach TERM 5

Physical Linkage approach

DEFINITION 5 Estimates benefits based on a technical relationship between an environmental resource and the user of that resource (damage function method)

TERM 6

Behavioral Linkage Approach

DEFINITION 6 Estimates benefits using observations of behavior in actual markets or survey responses about hypothetical markets TERM 7

Direct Methods of Behavioral Linkage

Approach

DEFINITION 7 Political Referendum Method Contingent Valuation Method TERM 8

Indirect Methods of Behavioral Linkage

Approach

DEFINITION 8 Averting Expenditure Method Travel Cost Method Hedonic Price Method TERM 9

Damage Function Method

DEFINITION 9 (Physical Linkage Approach) Uses a model of the relationship between levels of a contaminant and observed (or statistically inferred) environmental damage to estimate the damage reduction arising from a policy-induced decline in the contaminant TERM 10

Political Referendum Method

DEFINITION 10 (Behavioral Linkage Approach)