Read the Loomis, Kent, Strange, Fausch, and Covich article in preparation for an open class discussion on May 28/June 2 [as per class pace]. Use the questions below to guide your preparation. Additional reading on unfamiliar terms is required. Chapter 9: Existence Value and Chapter 15: Contingent Valuation of Boardman et al are good starting points. See also posted lecture notes for these chapters. • What is total economic value? • What is the policy/project/proposal being evaluated? o Why did they use an interdisciplinary approach? o Who were the target/study group? • What are ecosystem services? • How are ecosystem services like public goods? • What are the mechanisms for restoring services? • What is controversial about valuing ecosystem services? o What is the problem of not valuing? o How is double counting a problem? • What are the available valuation techniques? o Differentiate between those valuation methods • What is meant by existence values, bequest values, non-use values, passive use values? • What are the main steps in survey design for contingent valuation? o What validity and reliability issues are related to contingent valuation?  How does pretesting help? How do focus groups factor in? Estimating existence and bequest values? • What data collection method was used to assess WTP, economic benefits? o How appropriate was the sample size and response rates? • What are the implications for generalizing to the population? • How is WTP worded? o Does the wording matter? Why? o Importance of authentic/real hypothetical scenario? o What is the value of using charts, diagrams? • How is WTP modelled? • What were some of the statistical results? • What did the research uncover about how different groups valued ecosystem resources? • How were economic benefits estimated? Generalized? • What is the appropriate decision rule given the estimated WTP? • Was there sufficient evidence to implement the policy?