MAE322 The Economics of the Environment
1. Provide a detailed explanation of one method of valuing environmental goods and services not traded in a market. Include in your answer an explanation of the types of values this method can be used to estimate.
2. Provide a synopsis of at least one academic study where this method has been used to estimate values for an environmental amenity or natural resource. (By an academic study we mean a study published in a refereed journal.)
3. Explain the market failure that has led to the need to estimate non-market values for the good or service of the study you have chosen?
4. Provide a critique of the method in general and the particular study you have chosen. In your critique of the study comment on the value estimates presented and the policy implications of the findings.
Presentation: 3 marks. This includes, appropriate choice of study, written communication and correct referencing.
Note: Tutorial 7 in the week beginning 4th May, includes an article that is the type of article required for this assignment and the tutorial discussion will provide guidance on the expectations for the assignment.