Lecture
This lecture by the instructor covers preference-based assessment methods for valuing priceless resources and impacts. It delves into revealed preferences and stated preferences approaches, explaining methods like travel cost and hedonic price. The lecture also explores the contingent valuation method, discussing how it estimates use and non-use values through direct surveys. Various limitations and challenges of these valuation methods are highlighted, including issues with data quality, model specification, and individual decision-making biases.