Please use the following information for the remainder of the questions. Peter, Sara and James live by the river and have preferences for water quality (w) and live trees (t). Peter and Sara live upstream and have trees in their land. James lives downstream and does not have trees in his land. James, however, benefits from Peter and Sara's trees because each tree that stands upstream improves the water quality of the river downstream. Besides the positive effect on the water he drinks, James also likes the idea of live trees and gets really sad every time he sees trees turned into timber carried down the stream. Define water quality downstream as W. Define trees in Peter and Sara's property as tp and ts, respectively. (New) James' preferences for the environment are part anthropocentric, part biocentric. True False
Please use the following information for the remainder of the questions. Peter, Sara and James live by the river and have preferences for water quality (w) and live trees (t). Peter and Sara live upstream and have trees in their land. James lives downstream and does not have trees in his land. James, however, benefits from Peter and Sara's trees because each tree that stands upstream improves the water quality of the river downstream. Besides the positive effect on the water he drinks, James also likes the idea of live trees and gets really sad every time he sees trees turned into timber carried down the stream. Define water quality downstream as W. Define trees in Peter and Sara's property as tp and ts, respectively. (New) James' preferences for the environment are part anthropocentric, part biocentric. True False
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Transcribed Image Text:**Text Transcription for an Educational Website**
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**Scenario:**
Peter, Sara, and James live by the river and have preferences for water quality (w) and live trees (t). Peter and Sara live upstream and have trees on their land. James lives downstream and does not have trees on his land. James, however, benefits from Peter and Sara's trees because each tree that stands upstream improves the water quality of the river downstream. Besides the positive effect on the water he drinks, James also likes the idea of live trees and gets really sad every time he sees trees turned into timber carried down the stream. Define water quality downstream as W. Define trees in Peter and Sara's property as \( t_p \) and \( t_s \), respectively.
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**Question:**
**(New)** James' preferences for the environment are part anthropocentric, part biocentric.
- ○ True
- ○ False
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**Explanation:**
- **Anthropocentric Perspective**: This refers to a human-centered approach. In James' case, he benefits from the improved water quality provided by the upstream trees, which positively affects his personal use and consumption of water.
- **Biocentric Perspective**: This refers to a life-centered approach. James values the existence of live trees and feels emotional distress when they are turned into timber, indicating an intrinsic appreciation for nature beyond personal benefits.
Therefore, his environmental preferences include both anthropocentric and biocentric elements.
Transcribed Image Text:**Context**
Peter, Sara, and James live by the river and have preferences for water quality (w) and live trees (t). Peter and Sara live upstream and have trees on their land. James lives downstream and does not have trees on his land. James, however, benefits from Peter and Sara’s trees because each tree that stands upstream improves the water quality of the river downstream. Besides the positive effect on the water he drinks, James also likes the idea of live trees and gets really sad every time he sees trees turned into timber carried down the stream. Define water quality downstream as \( W \). Define trees in Peter and Sara’s property as \( t_p \) and \( t_s \), respectively.
**Question**
(New) James’ preferences for the environment are purely anthropocentric.
- True
- False
Expert Solution
Step 1: Define environment in economics
In economics, the term "environment" implies the natural world and its resources, including air, water, land, minerals, forests, and ecosystems, which play an important role in human economic activity. The study of the environment within economics often lights on how these natural resources and ecosystems interact with human economic systems and how they are managed, allocated, and valued.
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