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Value of environmental and natural resources

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Reference no: EM131904569

"Willingness to pay" and "willingness to accept" estimates of the value of environmental and natural resources often can vary by a factor of up to 10. Briefly, why do you think that the two approaches, "willingness to pay" and "willingness to accept", can yield such different estimates? In which environmental policy situations would you use a "willingness to pay" measure of the value of an environmental/natural resource and it which situations would it make sense to use a "willingness to accept" measure?

Reference no: EM131904569

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