2008_04_10_Notes

2008_04_10_Notes - UP FRONT Watch for problem set by email...

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UP FRONT, 4-10-08 Watch for problem set by email. Reading for next time: 420-435 (on contingent valuation) o Excellent summary of contingent valuation and related issues, in my opinion o CS stands for “compensating surplus.” ES stands for “equivalent surplus.” We are not focusing attention on the topic of CS and ES in this class. o The first page of section 12.5.2.2 (through the end of the last full paragraph on that first page) is a bit unclear in my opinion, at least on the first reading. All it is saying is that the researchers fit a curve to the data and found that the price of conservation had little effect on whether people said they’d be willing to pay it. Outline for Today 1) Inter-temporal discounting, which is often important in cost-benefit analysis 2) Introduction to valuing the environment 3) The travel cost method of valuing a park or other attraction
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The objective of cost-benefit analysis is to maximize this.
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Market determines risk-free interest rate Often recommended for use in CBA If government used capital for something with lower rate of return, would it be a good investment?
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