1.1. What is Environmental Economics? Environmental economics is a subfield of economics that deals with the economic impact of environmental policies and the economic aspects of environmental degradation.
Environmental degradation is often the result of economic activities that generate negative externalities, or costs that are not borne by the parties involved in the activity. For example, when a factory emits pollutants into the air, it may not bear the full cost of the resulting health problems and environmental damage. This can lead to overuse and degradation of environmental resources, as the costs of degradation are not reflected in market prices. Environmental Economics An Introduction 8th Edition Pdf
4.2. Contingent Valuation Contingent valuation involves asking people how much they are willing to pay for environmental goods and services. Environmental degradation is often the result of economic
4.4. Hedonic Pricing Hedonic pricing involves estimating the economic value of environmental resources based on the impact of environmental quality on property values. Environmental Economics An Introduction 8th Edition Pdf