Valuation of Impacts and Resources

This lecture explores the valuation of environmental impacts and resources, focusing on cost-benefit analysis, true costing, and indicators of sustainability. It discusses decision-making processes based on assessing costs versus benefits, the importance of true pricing in market competition, and the use of indicators to measure sustainability. The lecture also delves into the principles of impacts and values, highlighting the value of natural resources, human activities, and the various components of value associated with environmental goods. Different methods of assessing impacts, such as the damage function and production function methods, are explained, along with their limitations and applications in estimating the impact of global warming on agricultural land values.