Contingent valuation
The SuDS Manual published by CIRIA in 2015 defines ‘contingent valuation’ (CV) as: ‘A method, using sample evidence from questionnaires and surveys, that estimates how much people would be willing to pay for a specific environment or social benefits.
RICS Insight Paper ‘Value of natural capital - the need for chartered surveyors’ published by the Royal Institution of Chartered Surveyors in 2017 defines contingent valuation as: ‘An approach that asks respondents direct questions about their willingness to pay (WTP) for various environmental options. Alternatively, respondents may be asked what price they would be willing to accept (WTA) for the loss of an option… Contingent valuation has not always enjoyed a good press, and it is important that samples are large enough to give meaningful results, the choices are placed in an appropriate context and respondents are carefully reminded that their own financial resources are limited.’
The Green Book, Central Government Guidance On Appraisal And Evaluation, Published by HM Treasury in 2018, suggests that contingent valuation: ‘…is a different description of stated preference valuation, where individuals are asked how much they would be willing to pay to obtain a good or service, or how much they would require to compensate them to give it up.’
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