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Class: ECON - Managerial Economics; Subject: Economics; University: Washington & Jefferson College; Term: Forever 1989;
Typology: Quizzes
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TERM 1
DEFINITION 1 User Value (direct and indirect user value) + Existence Value (vicarious consumption and stewardship value) TERM 2
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
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
DEFINITION 4 The Physical Linkage Approach Behavioral Linkage Approach TERM 5
DEFINITION 5 Estimates benefits based on a technical relationship between an environmental resource and the user of that resource (damage function method)
TERM 6
DEFINITION 6 Estimates benefits using observations of behavior in actual markets or survey responses about hypothetical markets TERM 7
DEFINITION 7 Political Referendum Method Contingent Valuation Method TERM 8
DEFINITION 8 Averting Expenditure Method Travel Cost Method Hedonic Price Method TERM 9
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
DEFINITION 10 (Behavioral Linkage Approach)