API 316 : 1995

Abstract

This review covers an indepth look at the theoretical arguments for using the Contingent Value Method (CVM) as a scientifically valid and reliable tool for valuing nonuse public goods, specifically, environmental resources. The theory of option value is used to frame the concept of nonuse; prominent studies that feature nonuse measurement are highlighted. The potential biases of the CVM method are mentioned with suggestions on improving values.

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Published
Document Type	Standard
Status	Current
Publisher	American Petroleum Institute
Pages
ISBN