Suppose that the government of a developing country is considering the establishment of a national
park in a scenic forested area. Local opposition arises from those who wish to use the forest land
for timbering and agriculture. But the national park would draw both local and foreign visitors as
tourists. Could cost-benefit analysis aid the decision on whether to establish the park? What factors
would you consider, and how would you measure their economic value?
park in a scenic forested area. Local opposition arises from those who wish to use the forest land
for timbering and agriculture. But the national park would draw both local and foreign visitors as
tourists. Could cost-benefit analysis aid the decision on whether to establish the park? What factors
would you consider, and how would you measure their economic value?
