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An insight into the economic valuation of natural resources, specifically focusing on biodiversity. The author discusses the challenges of bringing buyers and sellers together due to long geographical and temporal distances, and the importance of considering indirect use values and non-use values. The document also introduces various evaluation techniques such as demand curve analysis, benefit-cost analysis, and the contingent valuation method (cvm).
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Nikishna Myron 9/23/ ECON 462 Notes 1.
Total Economic Value (TEV) Willingness to pay (WTP) Uniqueness higher prices Irreplaceable higher prices Irreversibility higher prices Uncertainty (potentially Irreversible) Evaluation Techniques Getting a DEMAND CURVE Benefit / Cost Analysis Measure Use value Market Value = use value +portion of OV + BV Demand Curve – amount of a product that people buy based upon budget constraints. Quantity Demanded – number of items you would be willing and able to buy a product at that particular price. Inferior Good – when income increases demand for ‘Ramen’ decreases. Substitute Good – Competition provides good for cheaper. Complementary Good – goods that go together (e.g. cheap cheese purchase of bread) ** Won’t have to compute numbers, just label areas of the Demand Curve..! Marginal Benefit – under the demand curve (for each new item). Consumer Surplus – amount of willingness to pay vs. actual paid amount Price / unit Quantity Total Market Value Demand