Building on Foundations of Cost-Benefit Analysis, students explore advanced techniques of valuing impacts and contingent valuation methods for investment projects. Valuation methods will be conducted using experiments, quasi-experiments, direct estimation and other indirect market methods. Other topics include contingent valuation, hedonic pricing method, shadow prices, econometrics of contingent valuation, cost-effectiveness analysis, distributional weighted cost-benefit analysis, and hypothesis testing in contingent valuation surveys. A critique of the valuation approaches for non-market goods and services from a philosophical perspective will be addressed. Prerequisite: ECON 6010, ECON 6020 and ECON 6030 or equivalent. Note: Students cannot receive credit for both ECON 6040 and ESMN 6040.
Building on Foundations of Cost-Benefit Analysis, students explore advanced techniques of valuing impacts and contingent valuation methods for investment projects. Valuation methods will be conducted using experiments, quasi-experiments, direct estimation and other indirect market methods. Other topics include contingent valuation, hedonic pricing method, shadow prices, econometrics of contingent valuation, cost-effectiveness analysis, distributional weighted cost-benefit analysis, and hypothesis testing in contingent valuation surveys. A critique of the valuation approaches for non-market goods and services from a philosophical perspective will be addressed. Prerequisite: ECON 6010, ECON 6020 and ECON 6030 or equivalent. Note: Students cannot receive credit for both ECON 6040 and ESMN 6040.
