Abstract

OSORIO MUNERA, Juan David  and  CORREA RESTREPO, Francisco Javier. An analysis of the empiric application of the contingency valuation method. Semest. Econ. [online]. 2009, vol.12, n.25, pp.11-30. ISSN 0120-6346.

The contingence valuation method (CVM) is a method used for establishing economic values on environmental goods and services that are not traded in the market. Despite the debate that has emerged around its practical application, the method has proven to be a useful tool for acknowledging the preferences of individuals, turning its self into a highly accepted method for the environmental policy analysis. In this manner, this article has as its main objective realizing a theoretical review of the method and analyzing the relevant issues in the instrument's design and empiric application. Through an analytical review of the theoretical model, the central elements of the instrument's design and application are presented. This paper concludes that an adequate application of the CVM depends on the good design of the survey as well as on the knowledge of the valuation context and a clear definition of the property rights of the valuated resource.

Keywords : Externalities; survey methods; well being measures; willingness to pay; contingence valuation; environmental economy.

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