In this pioneering study, Krutilla and Fisher put the amenity
resources of natural environments into an analytical framework
comparable to that for the extractive resources. The models and
theoretical background of their techniques are illustrated by case
studies which include the controversial Hells Canyon dam, the
Mineral King ski resort, and the Trans-Alaska pipeline. The authors
point out that resource development activities undertaken on public
lands often receive financial advantages---preferential tax
treatment, subsidized capital, and access to public
resources---that are not taken into account in the costs of the
project. True evaluation of the costs and benefits of a development
project often tips the balance in favor of preserving an area in a
natural state.
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