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PROSPECTS FOR CONTINGENT VALUATION: LESSONS FROM THE SOUTH‐EAST FORESTS 1
Author(s) -
Bennett Jeffrey W.,
Carter M.
Publication year - 1993
Publication title -
australian journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.683
H-Index - 49
eISSN - 1467-8489
pISSN - 0004-9395
DOI - 10.1111/j.1467-8489.1993.tb00530.x
Subject(s) - contingent valuation , valuation (finance) , estate , real estate , actuarial science , economics , business , environmental economics , environmental resource management , finance , willingness to pay , microeconomics
The Contingent Valuation Method (CVM) has been strongly criticised in Australia following two prominent applications. The aims in this paper are to review these criticisms and to demonstrate how, through an application of the method, these potential problems were addressed. The results of the application — a valuation of the conservation benefits of the National Estate forests of Southeastern Australia — are presented. A key feature of the application was the use of focus group testing in the questionnaire design phase. Finally, an assessment is made of the future prospects for the use of the CVM in Australia.