- How to place a value on environmental benefits? Concept is same as in micro (WTP). Challenge is that we don't see prices.
- Revealed preference methods try to infer what people would pay from their actions (ie travel cost method, averting expenditure).
- Value of Statistical Life
- Stated preference methods instead try to recover WTP from highly structured surveys. Know the pros and cons.
Required ReadingsKO pages 44-55
BH Ch 6 (on canvas)
Cameron (REEP, 2010) [link]
Portney (1994) [link]