Environmental Economics-Valuation Methods (IEcoS (Economic Services) Economics Paper-3): Questions 1 - 3 of 3

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Question number: 1

» Environmental Economics » Valuation Methods » Stated and Revealed Preference Methods

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Appeared in Year: 2010

Essay Question▾

Describe in Detail

Write a short note on Negative externalities.

Explanation

A negative externality is a cost that is suffered by a third party as a result of an economic transaction.

  • In a transaction, the producer and consumer are the first and second parties, and third parties include any individual, organization, property owner, or resource that is indirectly affected.

  • Externalities are also referred to as spil

… (47 more words) …

Question number: 2

» Environmental Economics » Valuation Methods » Stated and Revealed Preference Methods

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Appeared in Year: 2012

Essay Question▾

Describe in Detail

Write a short note on option value and existence value.

Explanation

Option value refers to the possible use of resources in the future.

  • Environment has in store the possibility of using certain resources if not in the present but in the near future.

  • For example, the current researches takes place in the field of biotechnology and genetic engineering has been combining certain strains of different species

… (98 more words) …

Question number: 3

» Environmental Economics » Valuation Methods » Stated and Revealed Preference Methods

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Appeared in Year: 2018

Essay Question▾

Describe in Detail

Explain the concepts of existence value and user value of environment.

Explanation

Existence values depicts the fact that individual will assign importance to the existence of natural beauty if though it may not be of any economic use to them.

  • The existence of forests, sea costs, parks, etc are of utmost importance to the individuals but they may never use it in their lifetime.

  • Non-use values Existence values

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