How does the contingent valuation method work and why is it useful?
Contingent valuation method is survey based economic where valuation of non market resource is done. For instance people get to receive benefit or utility from a certain beautiful things such as mountain but with the aid of price based models it cannot be calculated. Also effect of environment preservation and Contamination extra can be measured using contingency valuation method. There are you did certain benefits that are related with contingent valuation method which include the fact that contingent valuation method can get to deal with both use and non use values where all the other indirect methods of valuation deal only with use. Apart from this contingent valuation method answer the questions of willingness to pay and willingness to accept.
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