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a) One of the widely used approaches for estimating non-market values of environmental goods and services...

a) One of the widely used approaches for estimating non-market values of environmental goods and services is the contingent valuation method (CVM).
Explain this method and examine the key stages involved in its implementation.
b) State and critically discuss four (4) main biases that may affect the credibility of the CVM. Examine how each of these biases could be managed.

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