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Related Goods Approaches - Direct Substitute Approach
In this case the value of a similar good is used for valuation of the natural resource. For example, the value of fuel wood collected by villagers’ from the nearby forests. Here a close substitute would be fuel wood bought from the market or even the value of kerosene or charcoal equivalent to the fuel wood collected.
The accuracy of this method depends upon the extent to which the natural resource and the marketed product used as substitute are similar.
Q. Show the Traditional decision analysis? Traditional decision analysis rests on the key assumptions about the type of information available to the decision maker. Powerful B
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QUESTION (i) "Public Sector data is seen as owned by everyone since it has been gathered about and from everyone, often compulsorily". Discuss the concepts of ‘Public data' whe
1.Suppose you are interested in assessing the value of a statistical life for individuals. You ?nd a dataset on risk and wages. You consider running the following OLS regression.
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