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Questions and Answers
What is one of the main focuses of the lecture?
Which environmental policy tool leaves the final decisions on resource use and goods production up to firms and individuals?
In what cases do decision makers use Cost-Benefit Analysis (CBA)?
What is one of the consequences that decision makers seek to balance using Cost-Benefit Analysis (CBA)?
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In the context of dam construction, what technique do economists use to estimate different kinds of values?
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Study Notes
Environmental Policy Tools
- One of the main focuses of the lecture is on environmental policy tools.
Command and Control versus Market-Based Instruments
- Market-based instruments leave the final decisions on resource use and goods production up to firms and individuals.
Cost-Benefit Analysis (CBA)
- Decision makers use Cost-Benefit Analysis (CBA) in cases where they need to weigh the pros and cons of a project or policy.
- One of the consequences that decision makers seek to balance using CBA is the maximization of net benefits.
Valuation Techniques in Dam Construction
- In the context of dam construction, economists use the contingent valuation technique to estimate different kinds of values, such as use and non-use values.
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Description
Explore the methods and challenges of calculating the costs and benefits of environmental outcomes, including assigning value to ecological systems and human health. Learn about the use of cost-benefit analysis and market-based environmental policy tools like taxes, subsidies, and transferable permits.
