Chapter 7
Questions 1. What is meant by the term the tragedy of the commons? Which of the following are the result of this tragedy?
(a) The fate of the California condor (b) The fate of the gray whale (c) The high price of walnut wood used in furniture
-Tragedy of the commons means its an action that will ruin society as a whole. The term can mean such as something that at some point might benefit but through time will not benefit and hurt society.
2. What is meant by risk-benefit analysis?
-weighing he riskiness of the future against the value we place on things in the present
3. Cherry and walnut are valuable woods used to make fine furniture. Basing your decision on the information in the following table, which would you invest in? (Hint: Refer to the discussion of whales in this chapter.)
(a) A cherry plantation (b) A walnut plantation (c) A mixed stand of both species (d) An unmanaged woodland where you see some cherry and walnut growing Maximum Maximum Species Longevity Size Value Walnut 400 years 1 m $15,000/tree Cherry 100 years 1 m $10,000/tree
4. Bird flu is spread in part by migrating wild birds. How would you put a value on
(a) the continued existence of one species of these wild birds; I would based it off on the bird itself if people would pay to see the bird and if its very beneficial to keep it and the cost would be about (10-15 thousand)
(b) domestic chickens important for food but also a major source of the disease;
-It would have to be a very public choice because they are a big source of food for farmers and other people in general if the people want to keep the chicken it would e about (10-15 thousand)
(c) control of the disease for human health? What relative value would you place on each (that is, which is most important and which least)? To what extent would an economic analysis enter into your valuation?
-The factor that i would look at would have to be how dangerous and contagious the disease is and if it is very contagious factor would have to be put on it and people would have to become isolated or some type. Economy would not have to enter the progress for this one because having humans and people in a society is very important, because if we decide to push some people a way some of them could have been famous for discovering something big in life.
5. Which of the following are intangible resources? Which are tangible? (a) The view of Mount Wilson in California (b) A road to the top of Mount Wilson (c) Porpoises in the ocean (d) Tuna in the ocean (e) Clean air
6. What kind of future value is implied by the statement “Extinction is forever”? Discuss how we might approach providing an economic analysis for extinction.
-The value put on it is that when something such as a resources exist no more or has no use no value is put on it. When it at the tip of extinction people want it cause it very rare but once we don't have it, no value is put on it. We might approach the analysis for extinction through how much service each resource provided for us.
7. Which of the following can be thought of as commons in the sense meant by Garrett Hardin?
Explain your choice. (a) Tuna fisheries in the open ocean : people might see the benefit of getting the tuna fish in the open ocean because they get a profit from it but don't let them reproduce and through time numbers would lower(b) Catfish in artificial freshwater ponds
(c) Grizzly bears in Yellowstone National Park (d) A view of Central Park in New York City (e) Air over Central Park in New York City
(a) The fate of the California condor (b) The fate of the gray whale (c) The high price of walnut wood used in furniture
-Tragedy of the commons means its an action that will ruin society as a whole. The term can mean such as something that at some point might benefit but through time will not benefit and hurt society.
2. What is meant by risk-benefit analysis?
-weighing he riskiness of the future against the value we place on things in the present
3. Cherry and walnut are valuable woods used to make fine furniture. Basing your decision on the information in the following table, which would you invest in? (Hint: Refer to the discussion of whales in this chapter.)
(a) A cherry plantation (b) A walnut plantation (c) A mixed stand of both species (d) An unmanaged woodland where you see some cherry and walnut growing Maximum Maximum Species Longevity Size Value Walnut 400 years 1 m $15,000/tree Cherry 100 years 1 m $10,000/tree
4. Bird flu is spread in part by migrating wild birds. How would you put a value on
(a) the continued existence of one species of these wild birds; I would based it off on the bird itself if people would pay to see the bird and if its very beneficial to keep it and the cost would be about (10-15 thousand)
(b) domestic chickens important for food but also a major source of the disease;
-It would have to be a very public choice because they are a big source of food for farmers and other people in general if the people want to keep the chicken it would e about (10-15 thousand)
(c) control of the disease for human health? What relative value would you place on each (that is, which is most important and which least)? To what extent would an economic analysis enter into your valuation?
-The factor that i would look at would have to be how dangerous and contagious the disease is and if it is very contagious factor would have to be put on it and people would have to become isolated or some type. Economy would not have to enter the progress for this one because having humans and people in a society is very important, because if we decide to push some people a way some of them could have been famous for discovering something big in life.
5. Which of the following are intangible resources? Which are tangible? (a) The view of Mount Wilson in California (b) A road to the top of Mount Wilson (c) Porpoises in the ocean (d) Tuna in the ocean (e) Clean air
6. What kind of future value is implied by the statement “Extinction is forever”? Discuss how we might approach providing an economic analysis for extinction.
-The value put on it is that when something such as a resources exist no more or has no use no value is put on it. When it at the tip of extinction people want it cause it very rare but once we don't have it, no value is put on it. We might approach the analysis for extinction through how much service each resource provided for us.
7. Which of the following can be thought of as commons in the sense meant by Garrett Hardin?
Explain your choice. (a) Tuna fisheries in the open ocean : people might see the benefit of getting the tuna fish in the open ocean because they get a profit from it but don't let them reproduce and through time numbers would lower(b) Catfish in artificial freshwater ponds
(c) Grizzly bears in Yellowstone National Park (d) A view of Central Park in New York City (e) Air over Central Park in New York City
Vocabulary
commons : land (or another resource) owned publicly, with public access for private uses.
direct costs : that is, those borne by the producer in obtaining, processing, and distributing a product—passed directly on to the user or purchaser.
environmental economics: is not simply about money; it is about how to persuade people, organizations, and society at large to act in a way that benefits the environment, keeping it as free as possible of pollution and other dam- age, keeping our resources sustainable, and accomplishing these goals within a democratic framework
externality: an affect that is not normally accounted for in the cost-revenue analysis
indirect cost: is often not recognized by producers as part of their costs and benefits, and therefore not normally accounted for in their cost-revenue analyses
intangible factor: is one you can’t touch directly, but you value it, as with the beauty of the slope before the mudslide.
policy instruments:What we do, What we can do, and how we do it
public-service functions: Forests absorb particulates, salt marshes convert toxic compounds to nontoxic forms, wetlands and organic soils treat sewage (things that nature do for us)
risk-benefit analysis:weighing he riskiness of the future against the value we place on things in the present
tangible factor: one you can touch, buy, and sell (ex: house)
natural capital: Economists refer to the ecological systems that provide these benefits (public-service- functions)
commons : land (or another resource) owned publicly, with public access for private uses.
direct costs : that is, those borne by the producer in obtaining, processing, and distributing a product—passed directly on to the user or purchaser.
environmental economics: is not simply about money; it is about how to persuade people, organizations, and society at large to act in a way that benefits the environment, keeping it as free as possible of pollution and other dam- age, keeping our resources sustainable, and accomplishing these goals within a democratic framework
externality: an affect that is not normally accounted for in the cost-revenue analysis
indirect cost: is often not recognized by producers as part of their costs and benefits, and therefore not normally accounted for in their cost-revenue analyses
intangible factor: is one you can’t touch directly, but you value it, as with the beauty of the slope before the mudslide.
policy instruments:What we do, What we can do, and how we do it
public-service functions: Forests absorb particulates, salt marshes convert toxic compounds to nontoxic forms, wetlands and organic soils treat sewage (things that nature do for us)
risk-benefit analysis:weighing he riskiness of the future against the value we place on things in the present
tangible factor: one you can touch, buy, and sell (ex: house)
natural capital: Economists refer to the ecological systems that provide these benefits (public-service- functions)