Question Five (21 marks) In class, we have been discussing Marvin Shaffer's report on the benefits and costs of the Vancouver Public Library. From this report, answer the following questions. a) Based on the report, describe as best you can: (2 marks each) i) the purpose of the study, ii) the reference group for the study. iii) the direct benefits and the cost of operating the library. iv) whether the study was ex ante or ex post. v) any sensitivity analysis done on the benefits and costs. b) In the report the authors analyze other studies that use a market value approach to measure benefits of a public library. List and explain two limitations of this approach in terms of overstating the benefits. (4 marks) What is meant by "existence value in terms of public libraries? How did the author's measure existence value? (4 marks) c) d) In terms of assessing the community net benefits, the authors used a referendum style contingent valuation technique. Did the survey ask the respondents their maximum willingness to pay? Explain. 3 marks) Question Five (21 marks) In class, we have been discussing Marvin Shaffer's report on the benefits and costs of the Vancouver Public Library. From this report, answer the following questions. a) Based on the report, describe as best you can: (2 marks each) i) the purpose of the study, ii) the reference group for the study. iii) the direct benefits and the cost of operating the library. iv) whether the study was ex ante or ex post. v) any sensitivity analysis done on the benefits and costs. b) In the report the authors analyze other studies that use a market value approach to measure benefits of a public library. List and explain two limitations of this approach in terms of overstating the benefits. (4 marks) What is meant by "existence value in terms of public libraries? How did the author's measure existence value? (4 marks) c) d) In terms of assessing the community net benefits, the authors used a referendum style contingent valuation technique. Did the survey ask the respondents their maximum willingness to pay? Explain. 3 marks)