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As you know, Contingent Valuation is a method of environmental valuation based on asking individuals how much they would be willing to pay (WTP) for a specific environmental service (for example, improved water quality); or, alternatively, the amount of compensation that they would be willing to accept (WTA) to give up an environmental service. Keeping in mind the underlying assumptions of Neoclassical economics about individual behavior, clearly explain (in approximately 1 paragraph for each) what the following issues imply for this Contingent Valuation study. You might want to include hypothetical examples to demonstrate your points. a. If individual preferences are not exogenous b. If individual preferences are not complete c. If individual preferences do not have substitutability d. If individual action is responsive to framing (recall the findings of behavioral economics)Q2. (12 pts) As you know, Contingent Valuation is a method of environmental valuation based on asking individuals how much they would be willing to pay (WTP) for a specific environmental service (for example, improved water quality); or, alternatively, the amount of compensation that they would be willing to accept (WTA) to give up an environmental service. Keeping in mind the underlying assumptions of Neoclassical economics about individual behavior, clearly explain (in approximately 1 paragraph for each) what the following issues imply for this Contingent Valuation study. You might want to include hypothetical examples to demonstrate your points.
a. If individual preferences are not exogenous
b. If individual preferences are not complete
c. If individual preferences do not have substitutability
d. If individual action is responsive to framing (recall the findings of behavioral economics)
Now suppose that US businesses become more optimistic about the profitability of investment, so that the demand for loanable funds shifts to the right. What is the effect on the U.S. real exchange rate (appreciate, depreciate, no change)?
What is Brain Drain? How can you keep your own family traditions alive? What were the perceptions of those traveling west of American Indians?
What is the mechanism by which the "invisible hand" pushes markets to equilibrium? Explain the two main causes of market failure and give an example of each. What is the difference between a positive and a normative statement? Give an example of each..
Two firms, 1 and 2, simultaneously pick prices, p1 and p2, respectively, where p1,p2 ≥0. Both firms have constant (and identical) marginal costs, denoted c>0. Demand is given by D(p), where p is the lowest price, p = min {p1,p2}, If the two firms cha..
Following Keynes' work in explaining the Great Depression, economists started to make a distinction between.
Suppose Katie, Kendra, and Kristen each purchase a particular type of cell phone at a price of $80. Kate's willingness to pay was $100, Kendra's willingness to pay was $95, and Kristen's willingness to pay was $80. For the three individuals together,..
Suppose a firm's produces computers and it's associated costs are only fuction is given by C(y) = y^3 - 8y^2 + 32y (a). find the long run market price that prevails if this firm is operating in perfectly competitive market. (b). Derive the shut-down ..
When low income countries begin to experience economic growth, they often do so at rates much higher than current growth rates of industrial nations. Which of the following does NOT provide an explanation of this phenomenon.
1. Which sentence is the better topic sentence, the first or the third? Explain why.
The purpose of this section of the marketing plan is to describe how changes in the business environment will affect the eBay. This will be achieved by the use of the PEST Analysis, which attempts to review how changes in the political/legal environm..
Write-up 2 paragraphs about this article: The first paragraph is the summary in which you describe what the article is about. Use your own words to explain the main points or idea of the article.
For this Journal entry, discuss how policy can affect public and private healthcare in this country.
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