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Q. What is Benefits transfer?
The process of transferring benefit estimates from past valuation studies to the present study, in order to reduce appraisal costs. The validity of the approach lies on the degree of similarity between the several studies, e.g. the environmental service or good being valued, the characteristics of the population and the robustness of the previous benefit estimates.
What two important functions are performed by the price system? (1) The price system is an automatic method for distributing goods and services. (2) The price system defines t
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Economic Ef ficiency The effort to making products and services in the least costly way without sacrificing excellence.
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