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Cost-based Methods - Replacement Cost
This method takes the value of ecological functions as the recreation cost of these ecological functions through man-made production processes.
It assumes that the benefits provided by an intact ecosystem can be measured and there are alternatives available to provide such benefits.
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Q. Relationship between individual preference and social choice? Social Choice is a very kindred area. Some people don't make any distinction between the two while others make.
Q. What do you understand by Policy Process? Begin from theoretical frame work of policy making and proceed breaking various assumptions and introducing heterogeneity of agents
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