Reference no: EM133655400

Problem: The town of Midwestville, IL, is considering the construction of a large mall in place of its Old Main Square. Proponents argue that the mall will create many opportunities for small businesses and large franchises alike. Moreover, the winter is already so cold that the square is usually empty for three months every year, and the mall would effectively create an indoor square. Opponents argue that the mall will cost a lot and bring in large chains that will crush small businesses, and even if it did create some new opportunities, the project would still be negative overall because it would destroy the well-preserved historic district, which attracts regional tourists, and depress the value of those properties. You are asked to develop a strategy to carry out a Benefit-Cost analysis for the project. Would you use a WTP or WTA measure in your study? Which groups would you survey? Are there any possible data sets that you would be able to use to have estimates of the benefits and costs? Explain your choices. Small Essay (300 to 500 words). Some environmentalists consider it wrong and damaging to "put a dollar value" on nature, and many in social sciences object to.