Answer all definitions. a) [2 pts] Environmental economics b) [2 pts] performance-based standard c) [2 pts]...

Answer all definitions.

a) [2 pts] Environmental economics

b) [2 pts] performance-based standard

c) [2 pts] hedonic price method

d) [2 pts] Market Failures

e) [2 pts] contingent valuation method

Expert Solution

a) Environmental economics is the branch of economics that deals with environmental issues. It studies the impact of economic policy making in solving environmental issues like pollution, climate change, waste, global warming etc. through cost benefit analysis. It involves both theoretical modelling as well as empirical testing to study these issues.

b) Performance based standard refers to the setting up of certain benchmarks of goals and targets in an organisation to improve outcomes. These standards may be set at organizational, state or national level.

c) Hedonic pricing method is a method wherein the price of the environment surrounding residential properties is determined by constructing a quantitative model that studies the effect of these environmental factors on housing prices.

d) Market failures refer to situations where mutually beneficial transactions between parties fail to happen because the market for a particular product ceases to exist. For example, the negative effects of pollution impose a cost on people, but it requires government intervention to extract the cost from the polluter in order to control pollution.

e) Contingent valuation is a survey based method that gauges the value of an environmental resource by asking people the amount they would be willito pay for the environment surrounding them. Based on the revealed preferences of the people surveyed, the price of the environmental resource is estimated.

Rahul Sunny answered 2 years ago

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