Question

Contingent valuation is best suited to ascertain the economic value of

Answer 1

environmental resources that they oversee and manage and to make decisions regarding environmental policy, lawsuits, and damage assessments (see alsoenvironmental law). For example, the U.S. government employed the methodology to estimate the environmental damage of the Exxon Valdez oil spill in Alaska in 1989. Businesses also use the technique to estimate cost-benefit values on environmental projects.