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In this paper, you are supposed to consider the issue of environmental valuation and think of an appropriate method that can be employed to place values on these goods and services. Unlike most exercises that recommend a review of existing literature on previous studies on the matter, this assignment offers an opportunity for you to think on your own for creating such a technique.
Use one of the following examples for developing your valuation method.
In deciding whether or not to undertake this project would require a formal cost benefit analysis. You need to take into account all the benefits and costs associated. The costs generally involve the cost of resources (land, labor, capital) related to cutting the trees, clearing the land for development, and then actually building the houses. The benefits would entail the value of the houses that are built and possibly the sale value of the timber from the trees cut down.
Generally there are too many benefits, which make this exercise quite complicated. It may help if you decide to focus on just one or two of these benefits when coming up with your valuation technique.
Such intervention into the system should only be made if the benefit received from cleaner air is greater than the cost of cleaning it. How much benefit would society receive from cleaning up the air? How would you measure it?