contingent valuation method

{
  "id": "MLC-T-ENV-006405",
  "term": "contingent valuation method",
  "field": "Environment",
  "definition": "1. The use of surveys of individuals to elicit their preferences, measured in monetary terms (willingness to pay, or WTP), for a specified improvement in their health outcomes. It circumvents the absence of markets for health outcomes by presenting survey respondents with hypothetical markets in which they are asked their WTP for the improvement in question.\n\n2. Stated preference method that uses surveys to ask people to place a value on a change in a certain nonmarket good or service.\n\n3. The use of surveys of individuals to elicit their preferences, measured in monetary terms (willingness to pay, or WTP), for a specified improvement in their health outcomes. It circumvents the absence of markets for health outcomes by presenting survey respondents with hypothetical markets in which they are asked their WTP for the improvement in question. [USDA 2004]",
  "abbreviation": "CVM",
  "subject": "Health and safety",
  "references": [
    "USDA 2004",
    "Thurston",
    "Thesaurus of Terms Used in Microbial Risk Assessment"
  ],
  "url": "https://mlchart.com/terminology/environment/contingent-valuation-method/"
}