exam II: supplement 4

Question 1

what is ecological economics?

Answer 1

• it is a sub-discipline of economics that places valuation on components of the environment
• closely allied to conservation biology, seeking to integrate economists and ecologists to develop a sustainable world
• –integrates economic valuation with ecology, environmental science, sociology and ethics to design better public policies related to conservation and environmental issues

Question 2

what is an open-access resource?

Answer 2

• water, air and soil
• collectively owned by society at large or owned by no one
• available to everyone who is part of that given society

Question 3

tragedy of the commons

Answer 3

the value of the open-access resource that is gradually lost to all of society

Question 4

precautionary principle

Answer 4

it may be better to not approve a project that has risk associated with it and to err on the side of doing no harm to the environment than to do harm unintentionally or unexpectedly

–environmental uncertainty

Question 5

ecotourism

Answer 5

-tourism directed toward exotic, often threatened, natural environments, intended to support conservation efforts and observe wildlife

Question 6

ecotourism drawbacks

Answer 6

• the noise and pollution brought by the passage of millions of tourists annually, the disruption and alteration of animal behavior from constant exposure to the human presence, and the threat of human caused soil erosion and fire are all side effects of the influx of tourists
• development of tourist facilities just outside protected areas can fragment the landscape, creating protected “island” ecosystems that reduce their conservation value

Question 7

how “eco” is ecotourism?

Answer 7

• the value of “impact”, high v. low impact

- dominates local economies; the towns may become economically vulnerable

Question 8

existence value

Answer 8

the non-use value that can be assigned to biodiversity.

-example: economists can attempt to measure how much people are willing to pay to protect a species from going extinct or an ecosystem from being destroyed.

Question 9

bequest value

Answer 9

a category of existence value which is how much people are willing to pay to protect something for their children or future generations

Question 10

cost-benefit analysis

Answer 10

compares the values gained against costs of the project or resource use

• in practice, notoriously difficult to calculate, because it changes over time
• example: sustainable logging coexisting with fishing & tourism would be ideal, but is ultimately unrealistic. biscuit bay was established as a marine sanctuary and has become a major tourist resort, not partaking in lodding the natural resources

Question 11

option value

Answer 11

determined by the prospect for possible future benefits for human society, such as new medicines, possible future food sources, and future genetic resources

-part of indirect use values