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19 Cards in this Set
- Front
- Back
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Stated Preference
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Surveys
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Revealed Preference
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Study data to reveal the preference
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Market Pricing
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Use market to set princing
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Productivity
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Value envir as input to production
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Hedonic Methods
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Break envir into individual characteristics and evaluate
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Travel cost
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Value based off how much it would cost people to travel there
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Discounting Equation
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PV=futurevalue/(1+r)^n
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Economimc understanding of sustainability: 2 focuses
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1) On utility, utility should never decrease over time
2) Stock of resources, never decrease |
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2 types of resource maintaence
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1) Strong= Type of capital does not decreases, maintaing the individual resrouce, resource resliance
2) Weak- Maintaing an aggregate of resource, overall capital maintained through produced capital, nat. capital, and human capital inputs |
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Use Value(2)
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How to estimate the value of something
Current use-->Base of recreation or aesthetic enjoytment Option values-->How much you willing to pay to preserve it? |
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Non Use
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Bequest Value--> How much you willing to pay to protect
Existence-->How much to pay even if there are no uses |
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Nash Eq
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When a set of actions can have no more improvement by switching to other action, given other player does not change action. This means that both players cant switch and get a better deal
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Best response in a game
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One that gets the greatest outcome
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Dominant strategy
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No matter the action of the other party, this action will maximize player's payoff
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1st welfare
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That the market eq will lead to pareto effiency
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Public Good
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Nonexcludable and nonrivalrous
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Private good
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excludable and rivalrous
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Club good
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Nonrivalrous and excludable
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Common use good
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rivalrous/nonexcludable
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