Valuation

A

1

Infer the value of a recreational resource (such as a sport fishery, a park, or a wildlife preserve where visitors hunt with a camera) by using information on how much visitors spend in getting to the site

Travel-Cost Method

2

You love seeing the sunset near Manila Bay every week. You are asked how much you're willing to pay to retain that experience as is. What type of value is this?

Use Value

3

This is measured by the willingness to pay to ensure that a resource continues to exist in the absence of any interest in future use

Existence Value

4

"Are you planning to go to Yellowstone National Park next summer? Perhaps not, but would you like to preserve the choice to go someday?" -  What use value is derived from this question?

Option Value

5

Examples of this method include installing indoor air purifiers in response to an influx of polluted air or relying on bottled water as a response to the pollution of local drinking water supplies

Averting Expenditures

B

1

Uses market data (house prices) and then break down the house sales price into its attributes, including the house characteristics (e.g., number of bedrooms, lot size, and features), the neighborhood characteristics (e.g., crime rates, school quality, and so on), and environmental characteristics (e.g., air quality, percentage of open space nearby, distance to a local landfill, etc.).

Hedonic Property Value

2

A survey approach creates a hypothetical market and asks respondents to consider a willingness-to-pay question depending on the existence of this market

Contingent Valuation

3

What economic concept explains why the willingness to pay is different from the willingness to accept of people?

Loss Aversion or Endowment Effect

4

You are asked to choose from five attributes including the preservation zone, the availability of public programs and whether or not there was a walking, virtual, or diving trail.  What kind of valuation method is this?

Choice Experiment

5

If a respondent is averse to taxes or has a negative perception of the agency collecting the (hypothetical) payment, they may state $0 for their willingness to pay. This is an example of what type of bias?

Payment Vehicle Bias

C

1

Value that reflects direct uses felt by the five senses at present

Use Value

2

Give two challenges to Valuation

Aggregation, Partial Values, and Valuing Human Life

3

What are the two types of Stated Preference Method?

Contingent Valuation Surveys and Choice Experiments

4

A survey method wherein instead of asking respondents to state a willingness to pay, they are asked to choose among alternate bundles of goods

Choice Experiments

5

Method that attempts to isolate the environmental risk component of wages, which serves to isolate the amount of compensation workers require in order to work in risky occupations

Hedonic Wage Methods

D

1

A bias that arises when the respondent intentionally provides a biased answer in order to influence a particular outcome

Strategic Bias

2

Method where respondents are given a set of hypothetical situations that differ in terms of the environmental amenity available (instead of a bundle of attributes) and are asked to rank-order them

Contingent Ranking

3

The willingness to pay to ensure a resource is available for your children and grandchildren

Bequest Value

4

This may arise whenever respondents are forced to value attributes with which they have little or no experience

Information Bias

5

It reflects the willingness to pay to preserve the chance to use the environment in the future even if one is not currently using it

Option Value

E

1

The monetization of goods and services without market prices

Nonmarket Valuation

2

You are asked to give your willingness to pay to preserve the species of Philippine eagles. Since you've never seen one, you are given pictures. What bias can arise from this?

Information Bias

3

In door-to-door survey interviews, it was found that the physical appearance of the interviewer affects the responses. What is this bias called?

Interviewer Bias

4

You are asked to give you willingness to pay for the preservation of pandas, whom you've never seen and will never see for the rest of your life. What type of value is being derived from you?

Passive Use/Nonconsumptive Use Value/Existence Value

5

This may arise in those survey instruments in which a respondent is asked to check off their WTP from a predefined range of possibilities

Starting-Point Bias