WFC 154 Lecture Notes - Lecture 7: Externality
11 Oct 2016
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Document Summary
It influences how/what we study and conserve. It can identify the problems and mistakes that lead to biodiversity losses. These in turn can be further divided into additional classifications. The idea that biodiversity/resources are worth money. Applying a value to it makes people care about it. Ecological understanding of roles, functions, varieties of species and processes. Assumes that costs and benefits borne only by participants. The inefficient allocation of limited goods and services. Someone who wasn"t a part of the transaction was negatively affected. Factors external to market operations that are not considered (i. e. overlooked) True cost of production or activity are underestimated. These (cid:364)hidden costs(cid:365) may entail physical harm. Explicit rules to determine how groups value & parcel the resource. Site-specific knowledge of resource constraints, promoting economic efficiency. Resource dedicated to monitoring the resource, and enforcing rules. Totally allowable catch (tac) is prescribed by fisheries scientists. Fishing rights (% of tac) are granted to individual parties.
