ENST 387 Midterm: Weeks 1 - 4 — ENST 387
3 Dec 2016
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Document Summary
Enst 387, week 1, enst 387, week 2, enst 387, week 3, Enst 387, week 4, introduction to environmental economics, Study online at quizlet. com/combine/146791192,147800739,149471943,150582403,146719762,147262733: avoidance how much people pay to avoid something expenditures, challenge of hard to place an actual dollar value, ecological economics, economic efficiency, economic. H net benefit is maximized valuing the environment: challenges of international cooperation different economic development levels between countries surplus, characteristic exclusive of property rights, closed system transferable enforceable. No input from or output to the outside consumer surplus + producer surplus: compound. Pv = fv * (1 + i) ^ n: entropy. The amount of energy not available for work interest: consumer surplus, environmental. H economics: experimental economics, first law of thermodynamics. Measure of how much people are willing to pay for something: information bias process of calculating the present value of a future amount, marginal each additional unit. Pv = fv / (1 + i) ^ n.
