- The Federal Energy Regulatory Commission faces a decision on how much water the utility company
should allow to flow over the falls at a recreation area. Increasing the flow over the falls would result in
less hydropower generated, but more water for recreation. Currently, the flow of water is only a trickle.
a. If you were tasked to evaluate how much visitors value the falls in the recreation site, what valuation
technique would you use? Describe how this valuation technique is conducted for this particular
case.
b. Identify and briefly explain one advantage of this technique.
c. Identify and briefly explain one disadvantage of this technique. - The federal government is tasked to evaluate if the polar bear should be placed on the endangered
species list. In order to do so, it needs an accurate accounting of the costs and benefits of doing so.
Measuring the costs is fairly straightforward but they have difficulty determining the benefits of putting
the polar bear on the endangered species list.
a. If you were tasked to evaluate how much society values polar bears, what valuation technique would
you use? Describe how this valuation technique is conducted.
b. Identify and explain one advantage of this technique.
c. Identify and explain one disadvantage of this technique. - Rivers in the Four Corners Region provide 2,465 river miles of critical habitat for nine species of noncommercial fish that are listed as threatened or endangered. Continued protection of these areas
required habitat improvements, such as fish passageways, as well as bypass releases of water from
dams to imitate natural water flows needed by fish. Given this information, answer the following
questions:
a. If you were tasked to estimate the economic value for preserving the critical habitat, what valuation
technique would you use? Describe how this valuation technique is conducted in this context.
b. Explain one disadvantage of this technique.
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