FAA 102 Ecosystem Benefits Classification

A way to assign economic value to natural resources, typically using various techniques like stated or revealed preference.

Systematically tracking the economic value and use of natural resources.

Evaluating the economic and environmental impacts of a proposed development project.

A valuation technique where people directly state their willingness to pay for or receive a good or service.

A valuation technique that looks at actual choices and behaviors to infer the value placed on a resource.

How much something is worth in economic terms, determined by people's preferences and trade-offs.

The process of expressing the worth of goods and services in economic terms.

What people want and value in an economic context and influence economic choices.

A decline in fish population results in a decrease in daily catch rate, affecting fisher revenue and producer surplus.

The financial gain obtained by producers when the total revenue exceeds the total variable cost.

Predicted reduction in well-being due to the impact of environmental changes on the fisheries industry.

Methods used to estimate the worth of environmental resources and services lacking direct market transactions.

A technique that indirectly determines the value of a non-market good by analyzing the travel costs of users accessing it.

A technique using statistical models to estimate people's preferences for a non-market good or service.

A technique that gauges the worth of a non-market good based on how its characteristics affect the market price.

A method to measure the change in value by directly asking people their willingness to pay for environmental resources.

A method for estimating recreational values by analyzing the costs (time and travel expenses) visitors incur to access a site.

Models focusing on recreationists' choices among different sites, particularly when multiple alternatives exist.

Estimating environmental value by analyzing how prices of market goods reflect embedded environmental attributes.

Using hypothetical settings to elicit preferences regarding environmental goods or services.

The relationship between the price of a good and the quantity of that good consumers will purchase.

The economic value people place on a recreational site.

The maximum amount a consumer is prepared to spend for a good or service.

Characteristics of the environment that impact recreational value or market goods.

The positive feeling people get from giving to a cause, even if they don't directly benefit from it.

When survey responses don't have real-world consequences. This can make people less careful in providing accurate answers.

The potential impact of a decision or action on someone's money. People are usually more careful when their finances are involved.

People might be willing to pay more for something because it makes them feel good, even if it's not objectively worth that much.

When survey responses don't impact real outcomes, people might not take them seriously, leading to less accurate data.

The value people place on a resource even if they don't use it directly, like the emotional value of a pristine forest.

Estimating nonuse value is difficult because it's based on subjective feelings and there's no direct market to observe.

A method for estimating nonuse value by asking people directly how much they'd be willing to pay for a resource.

People's stated willingness to pay might not accurately reflect their true feelings about a resource.

Results from stated preference surveys might not be consistent with economic principles.

People may not be familiar with the resource or its value, making it difficult to estimate their willingness to pay.

Despite the challenges, stated preference is the only available method for measuring nonuse values for natural resources.

Ongoing research aims to improve the methodology of stated preference surveys to make estimates more reliable.

The maximum amount someone is willing to pay for a good or service, demonstrating its value to them.

A way to elicit values in contingent valuation by asking a yes/no question about whether someone would pay a specific amount for a good or service.

A simulated market scenario used in contingent valuation studies to understand people's willingness to pay for something.

The risk that people who don't respond to surveys have different values than those who do, potentially skewing results.

A survey method where interviewers directly ask respondents questions, often considered most reliable but also most expensive.

Flexibility, valuing non-market goods, and being the only method for estimating non-use values.