Contingent Valuation Method

Synonyms

CVM

Definition

CVM is an approach to quantitatively assess values assigned by people in monetary (willingness to pay) and non monetary (willingness to contribute with time, resources etc.) terms. It is a direct method to estimate economic values for ecosystem and environmental services. A survey of people are asked their willingness to pay for access to, or their willingness to accept compensation for removal of, a specific environmental service, based on a hypothetical scenario and description of the environmental service. See also values. (IPCC, 2014)

Contingent valuation is a survey-based economic technique for the valuation of non-market resources, such as environmental preservation or the impact of contamination. (Wikipedia)

Broader terms

economic models