1.  Group Quiz Thursday  Homework #2 Due Next Thursday  Exam #1 Next Thursday  Writing Assignment Due Oct. 27th

2.  Classify environmental values  Discuss methods of valuation Stated vs. Revealed Preferences  Using Cost/Benefit Analysis

3.  Use value – the value that people place on the use of a good or service Direct use value- the value one obtains by directly using a natural resource, such as visiting a national park Indirect use value- ecosystem benefits not valued in markets, such as flood prevention or pollution absorption.

4.  Non-use value- values people obtain without actually using a resource Existence value- the value people place on the continued existence of a resource, such as the benefit of knowing acres of the rainforest have been preserved Option value- the value people place on maintaining future resource use options Bequest value-value people place on the knowledge that a resource will be available for future generations

5.  Revealed Preferences  Market price  Simulated market  Travel cost  Hedonic property values  Hedonic wage values  Avoidance expenditures  Stated Preferences  Contingent valuation  Attribute based models  Conjoint analysis  Choice experiments  Contingent ranking

6.  Homework #2 Due Next Thursday  Exam #1 Next Thursday  Writing Assignment Due Oct. 27th