What is total economic value? Discuss market and non-market valuation methods.
Total economic value?
It is a concept of the price - benefits analysis which. May refers to the value of natural resources which are derived by the people, heritage resources which are man-made or the system of the infrastructure which are compared just to not having the same.
Market valuation method
It is used to know the value of our business by comparing our business by a similar one which has sold in recent times.
Non-market valuation method
At present, there are 2 main categories of non-market valuation method - stated preference and the revealed preference. In summation, the transfer of the benefits is a sort of techniques which is used just to apply the current estimate of the value to the new context.
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