Environment in Decentralized Decision Making. Economic Rationale in Caring for the Environment
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This module focuses on the economic dimension of the environment. It revisits the issue of resource scarcity and its link with the concept of economic welfare . Factors which lead to misestimation of environmental values, both from market and policy failures are next discussed, and the concept of total economic value, inclusive of various use and non-use environmental values, explained. The methodological approaches to valuation of environmental goods and services, based on the underlying concep t of willingness to pay or accept are then outlined.