This video introduces multiple methods of economic evaluation of natural resources, including market valuation through consumer and producer surplus, Cost of Illness Methods, and Replacement Cost Methods. We also discuss Contingent Valuation, a Stated Preference surveying method commonly used by economists. We end by discussing common pitfalls in surveying methods, including multiple psychological biases.
I reference the following Nobel Prize-winning research by Daniel Kahneman and Amos Taversky, in case you want to learn more:
https://science.sciencemag.org/content/185/4157/1124
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