Question: Question C1: Existence value (25 Marks) a) What is existence (or nonuse) value? b) Can hedonic estimation reveal existence value, in principle? Explain. c) Can

Question C1: Existence value (25 Marks) a) What is existence (or nonuse) value? b) Can hedonic estimation reveal existence value, in principle? Explain. c) Can contingent valuation reveal existence value, in principle? Explain. d) What biases might contingent valuation be potentially subject to? Briefly explain. e) Imagine that there was a serious marine oil spill, from a tanker or offshore oil well. What difference would it make to the measurement of harm, whether existence (nonuse) values were used or not

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