Contingent valuation is so called because it is an experimental method for eliciting valuations of goods or services by which individuals are asked to state their maximum willingness to pay or the minimum willingness to accept going without, contingent on a specific hypothetical scenario (like making a market purchase) and a description of options available. It is also known as the stated preference method, because the method asks people to state their values directly (and hypothetically), rather than inferring revealed preferences values from actual choices. A related procedure that depends more on inferring values from the characteristics of services is conjoint analysis.
Control Event Rate 71
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