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Environmental Economics I Pt II
AGEC6090
38
Economics
Graduate
12/09/2014

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Term
Two alternatives to cost-benefit analysis are ______ analysis and ______ analysis
Definition
cost efficiency / impact
Term
In environmental valuation, Total Willingness to Pay is made of ______, ______, and ____ value.
Definition
use, option, and non-use
Term
IF a local forest provides a habitat for deer that are shot by hunters, the hunters receive ______ value from the forest.
Definition
use
Term
A decision to postpone commercial development of an undisturbed parcel because farming on it might be more profitable in the near future is an example of ______ value.
Definition
option
Term
Economic value derived from motivation other than for-profit use is ______ value.
Definition
non-use
Term
________ calculations generate comparable cost/benefit estimates that are received in different time periods.
Definition
Present value
Term
In environmental policy making, private and social discount rates may differ because benefits of environmental projects usually place greater value on ________.
Definition
future generations
Term
T or F: All US health, safety, and environmental regulations can be justified as producing positive net benefits when measured using economic analysis.
Definition
False
Term
T or F: Emission policy cost estimates are the biggest problem in the methodology for valuing human life.
Definition
False
Term
Asking people to state their economic values in a hypothetical situation is an example of ______ valuation.
Definition
contingent
Term
An economist estimating the value of a nature preserve by calculating the price premium people have been paying for houses located on the border of the preserve is an example of ________.
Definition
hedonic pricing
Term
A model that infers the values of recreational sources by analyzing how much visitors spend to travel to the sites is a ________ model.
Definition
travel cost
Term
The ____________ approach uses regression analysis to infer environmental values from spending on goods that include those values.
Definition
hedonic property value
Term
________ sustainability assumes limited or no substitution between non-renewable and other resources.
Definition
Strong
Term
T or F: Maintaining strong sustainability would require extensive government intervention in many markets.
Definition
True
Term
A dynamically efficient allocation is one that maximizes ____________ from a non-renewable resource received in both periods.
Definition
net benefits
Term
As a non-renewable resource is depleted, the price ______ and extraction ______.
Definition
rises / decreases
Term
Marginal user cost reflects the difference between the ______ and the ______.
Definition
price / marginal extraction cost
Term
The price at which the quantity demanded is zero is called the ______ price.
Definition
choke
Term
A higher discount rate favors the ______.
Definition
present
Term
The prices of the non-renewable and the renewable resource are equal at the ________.
Definition
switch point
Term
Corn ethanol and fish are examples of ________ resources.
Definition
renewable
Term
Most of the world's fresh water is used in ______.
Definition
agriculture
Term
Regulating water prices to change consumption is an example of ________ water management.
Definition
demand-side
Term
T or F: Subsidizing irrigation water supply would reduce water use.
Definition
False
Term
The Riparian Rights doctrine means that the right to use water is assigned to ____________.
Definition
the owner of the land adjacent to the water
Term
The Prior Appropriation doctrine means that the right to use water is assigned to ____________.
Definition
a user that had previously applied part of the water to beneficial use
Term
Usufructory right in water economics means that the ______ has the right to water ownership but the ______ have the right to use it.
Definition
government / claimants
Term
"Preferential use" establishes a ____________, and is a major restriction on water transfers.
Definition
value hierarchy of uses
Term
The main potential benefit of water markets is that water is used for ________.
Definition
its most highly-valued purposes
Term
The value of an acre of farmland that generates profit forever in an economy where the discount rate is "i" is modeled by this equation:
(____ - ____)*____
Definition
(Profit - Cost)*i
Term
Bid rent functions for land show maximum benefit per acre that could be achieved by a given land use as a function of ____________.
Definition
the distance from the center of an urban area
Term
T or F: A decrease in the bid rent function for agriculture could result from the closing of export markets.
Definition
True
Term
________ occurs when new development occurs not on the very edge of current development, bu further out.
Definition
Leapfrogging
Term
________ occurs when land uses in a particular area are inefficiently dispersed.
Definition
Urban sprawl
Term
The Eminent Domain doctrine means that the government can legally acquire private property for ______ by condemnation as long as the landowner is paid ______.
Definition
"public purpose" / "just compensation"
Term
The Frustration of Public Purpose refers to possible exercise of monopoly power by the ______ that is to be acquired by ______ under Eminent Domain.
Definition
property owner / the government
Term
Land use restrictions that establish permitted and compatible land uses are known as ______.
Definition
zoning
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