Economics · Contingent Valuation Method
Assess the following statements on Contingent Valuation Method (CVM): I. CVM is a stated preference method used to estimate non-use values. II. Hypothetical bias and strategic bias are major limitations of CVM. III. CVM can capture only use values, not existence or option values. IV. The Willingness to Accept (WTA) is consistently higher than Willingness to Pay (WTP) in CVM studies. Which statements are CORRECT?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1I, II, III and IV
- 2I and III only
- 3II, III and IV only
- 4I, II and IV only✓
Correct answer
I, II and IV only
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