Read the Loomis, Kent, Strange, Fausch, and Covich article in preparation for an open class discussion on May 28/June 2 [as per class pace]. Use the questions below to guide your preparation. Additional reading on unfamiliar terms is required.

Read the Loomis, Kent, Strange, Fausch, and Covich article in preparation for an open class discussion on May 28/June 2 [as per class pace]. Use the questions below to guide your preparation. Additional reading on unfamiliar terms is required. Chapter 9: Existence Value and Chapter 15: Contingent Valuation of Boardman et al are good starting points. See also posted lecture notes for these chapters. • What is total economic value? • What is the policy/project/proposal being evaluated? o Why did they use an interdisciplinary approach? o Who were the target/study group? • What are ecosystem services? • How are ecosystem services like public goods? • What are the mechanisms for restoring services? • What is controversial about valuing ecosystem services? o What is the problem of not valuing? o How is double counting a problem? • What are the available valuation techniques? o Differentiate between those valuation methods • What is meant by existence values, bequest values, non-use values, passive use values? • What are the main steps in survey design for contingent valuation? o What validity and reliability issues are related to contingent valuation?  How does pretesting help? How do focus groups factor in? Estimating existence and bequest values? • What data collection method was used to assess WTP, economic benefits? o How appropriate was the sample size and response rates? • What are the implications for generalizing to the population? • How is WTP worded? o Does the wording matter? Why? o Importance of authentic/real hypothetical scenario? o What is the value of using charts, diagrams? • How is WTP modelled? • What were some of the statistical results? • What did the research uncover about how different groups valued ecosystem resources? • How were economic benefits estimated? Generalized? • What is the appropriate decision rule given the estimated WTP? • Was there sufficient evidence to implement the policy?