1. Provide a detailed explanation of one method of valuing environmental goods and services not traded in a market (travel cost, hedonic pricing, contingent valuation of choice modelling). Include in your answer an explanation of the types of values this method can be used to estimate. (5 marks)
2. Provide a synopsis of at least one academic study where this method has been used to estimate values for an environmental amenity or natural resource (by an academic study we mean a study published in a refereed journal). (4 marks)
3. Explain the market failure that has led to the need to estimate non-market values for the good or service of the study you have chosen. (5 marks)
4. Provide a critique of the method in general and the particular study you have chosen. In your critique of the study comment on the value estimates presented and the policy implications of the findings. (8 marks)
Presentation (3 marks): This includes appropriate choice of study, written communication and correct referencing.
The following is an example of an article that should be used for this assignment (this particular article may not however be used):
Pandit, R, Polyakov, M, Tapsuwan, S and Moran, T. (2013) The effect of street trees on property values in Perth, Western Australia, Lanscape and Urban Planning, 110, pp134-142
Aside from the main article analysed, you should also use additional sources to assist with answering all the questions. It is preferred that these are also journal articles however internet source may be used also.
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