<p>ESP 162--Key concepts list: Useful for directing your reading and studying for exams. NOTE: this list may be modified as we go to reflect new concepts covered; includes most of the key concepts but is not necessarily a comprehensive study guide. (Last updated: 3/16/18. Key: crossed out = not covered in 2018; bold green = added in 2018) policy regression analysis analysis value of a statistical life policy analysis averting cost method economics travel cost method environmental economics resource economics abatement vs. compliance cost economic rationality partial equilibrium vs. general eq’m analysis (secondary economic incentives effects) opportunity cost progressive vs. regressive scarcity *************midterm cutoff****************** trade-off externality efficiency versus cost-effectiveness (CE) reserve site selection (RSS) deontological ethics algorithms for RSS (greedy, hotspots, CE) teleological ethics fairness/equity/distribution utilitarian ethics transactions costs Pareto efficiency cobra effect Kaldor-Hicks efficiency G.U.M.P. (w/respect to greenhouse gases) demand, marginal benefit, marginal willingness to pay Social cost of carbon elasticity command and control policy total benefits, total willingness to pay standards supply, marginal cost, marginal willingness to accept technology vs. performance standards total cost uniform vs. non-uniform standards marginal net benefits (total) net benefits, surplus market-based instruments aggregate net benefits Pigovian tax equimarginal rule cap and trade, transferrable discharge permit market “complementary measures” (from CA GHG policy) market equilibrium carbon offset rational choice sources of value from biodiversity (examples) first theorem of welfare economics (FTWE) policy tools for conservation (examples) market failure conservation banking externality Conservation of Central Valley birds with PES & reverse open access resource (OAR) auctions excludable/non-excludable Sale of legal ivory stockpiles rival/non-rival Supply-side vs. demand-side hypotheses for increasing pure public good (versus private, OAR and club) tuition costs Nash equilibrium Tier 3 vehicle and fuel standards benefit-cost analysis benefit-cost ratio Coase Theorem & Coasean negotiation/bargaining expected value property rights discounting; discount rate liability law willingness to pay vs. willingness to accept strict liability use vs. non-use value channeling of liability existence value liability limits contingent valuation revealed preference methods hedonic pricing method</p>