An application of the Krutilla — fisher model to appraising the benefits of green belt preservation versus site development

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Abstract
Financial returns can be deceptive as criteria upon which to make public decisions where outputs from proposed developments are subsidized, such as housing, or protected from imports, such as opencast coal mining. Removing subsidies and the effects of import restrictions suggests that the social benefits from these developments are much less than the financial benefits. Including externalities from the proposed developments on neighbouring householders, and preservation benefits from green belt land, estimated by contingent valuation methods, reveals that the social benefits from opencast coal mining are actually negative.
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