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GEOG 3ER3 (22)
Lecture 5

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Department
Geography
Course
GEOG 3ER3
Professor
Maureen Padden
Semester
Winter

Description
Lecture 5 -> Environmental Economics: Methods ii Valuation Methods: Direct Method: - Market price - Simulated Markets - Hypothetical-> Contingent Valuation Indirect Method: - Travel costs - Hedonic Property values - Hedonic wage values - Avoidance expenditures - Hypothetical -> attribute-based models o Conjoint analysis o Choice experiments o Contingent ranking Direct Hypothetical Method: Value difficult to observe directly Eg. Putting a value on non-use -> spotted owl eg. Contingent valuation: survey asking people to value environmental change Basic concerns: 1. Strategic bias  Respondents try to influence results o Eg. May overestimate value of fishing along a river they enjoy 2. Information bias  Respondents have little to no experience with environmental parameter o Eg. Compare recreation on two different lakes 3. Starting-point bias  Pre-defined range
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