What methods might you use for estimating the value of the benefits for each of the...

 

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What methods might you use for estimating the value of the benefits for each of the following? In each case, give two examples of methods that could apply, and describe the steps involved for that exact situation. In each case, give one example of a method that would NOT work well, and describe why. (a) An hour of reduced commuting time (b) The conversion of 15 kilometers of unused railway tracks near a city of 300,000 into a new bike path (c) A reduction in annual flood risks from the Mississippi River for St. Louis by 5% (d) The creation of a new national park in the Okanagan region of BC (e) Saving a human life What methods might you use for estimating the value of the benefits for each of the following? In each case, give two examples of methods that could apply, and describe the steps involved for that exact situation. In each case, give one example of a method that would NOT work well, and describe why. (a) An hour of reduced commuting time (b) The conversion of 15 kilometers of unused railway tracks near a city of 300,000 into a new bike path (c) A reduction in annual flood risks from the Mississippi River for St. Louis by 5% (d) The creation of a new national park in the Okanagan region of BC (e) Saving a human life

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a There are many methods that could be used to estimate the value of an hour of reduced commuting time One method would be to calculate the value of time saved by looking at the wage rate of the perso... View the full answer