A method used to obtain an economic valuation of a non-market good such as the natural environment. The contingent valuation method is based on the use of consumer surveys. A typical survey would ask either how much a consumer would be willing to pay for a specific environmental feature, or the compensation they would require for the loss of the feature. The method is termed ‘contingent’ valuation because the survey answers are contingent on a particular description of the scenario.
Subjects: Environmental Science — Economics.