What is willingness to pay? What does it mean? How is itmeasured (in relation to what standard object from microeconomictheory)? What data do we need?

What are limitations of WTP as a concept?

Why is it challenging to measure WTP for environmental g/s? Whatare the two broad non-market valuation methods for measuring WTP inthe environmental context?

What are the five categories of costs measured in BCA?

What are the three methods for measuring costs? What determineswhich method to use?

What are the two approaches to measuring compliance costsspecifically?

True / False. If a policy is expected to involve a significantbehavioral response from consumers or firms with impacts that spillover into other unregulated markets, then the direct compliancecost method is the appropriate method for measuring the costs ofthe policy. Explain.