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Difference between choice modelling and contingent valuation (taking into consideration their similarities and differences)

Difference between choice modelling and contingent valuation (taking into consideration their similarities and differences)

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Choice modelling

It attempts to model the decision process of an individual or segment via revealed preferences or stated preferences made in a particular context or contexts. Typically, it attempts to use discrete choices in order to infer positions of the items on some relevant latent scale.

Contingent Valuation

it is a method of to estimate value that a person places on a good. It asks people to directly report their willingness to pay to obtain a specified good, or willingness to accept to give up a good, rather than inferring them from observed behaviours in regular market places.

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