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Cost-based Methods - Replacement Cost
This method takes the value of ecological functions as the recreation cost of these ecological functions through man-made production processes.
It assumes that the benefits provided by an intact ecosystem can be measured and there are alternatives available to provide such benefits.
One shortcoming of neoclassical welfare economics is that it does not take into account the institutional structure of collective decision making. To draw normative conclusions abo
State ramsey rule of optimal commodity taxation and the intuition for it
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PIGOVIAN APPROACH Pigou assumed that the aim of social policy is to 'promote welfare'. But in order to simplifL this, he chose to restrict the range of his inquiry to
Q. Show the Traditional decision analysis? Traditional decision analysis rests on the key assumptions about the type of information available to the decision maker. Powerful B
What is the link between efficiency wages and shirking? There are two firms A and B identical in all respects except the following. In firm A increased expenditure on monitoring co
Question 1: Examine the essential elements of modern democratic societies. Question 2: State the various ways in which the participation of people is achieved in a demo
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