Policy Analysis 3

 Read the mountain bike paper (you can skip the Benefit Transfer section).
Write a summary of the paper that uses what you have learned about utility
and marginal utility. Your paper should address the following issues.

•  Why was the survey conducted? Why not use data from observed mountain
  biking trips?
•  Use the concept of utility to explain the characteristics used in the
  description of mountain bike sites. Why were individual characteristics
  included? Are there other characteristics that you think should have been
  included? Can this utility function be represented through a two-dimensional
  indifference curve? Why or why not?
• Using the concept of marginal utility, interpret and explain Table 2
  estimates. (Note: if the t-ratio does not have a star next to it, it means
  that the estimate was not significantly different from 0. In other words,
  the estimate can be considered as equivalent to 0.)