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ECS2606 ASSIGNMENT 1 SEMESTER 1 - 2022 (176774)
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- University Of South Africa (Unisa)
ECS2606 ASSIGNMENT 1 SEMESTER 1 - 2022 ()
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By: ngcebomazibuko55 • 2 year ago
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ECS2606 ASSIGNMENT 1SEMESTER 1 - 2022
UNIQUE NUMBER: 176774
, 1. What is contingent valuation and what are the potential problems of this method?
[10]
There are different methods to calculate the value of an environmental entity by calculating
the willingness to pay (WTP) for that entity. One such method is contingent valuation, but it
is not perfect and has some faults. Contingent valuations ask individuals directly to state
their WTP for a certain environmental entity.
The basic steps in a CV analysis are the following:
1. Identification and description of the environmental quality characteristic or health
outcome to be evaluated
2. Identification of respondents to be approached, including sampling procedures used to
select respondents
3. Design and application of a survey questionnaire, interview, or focus group
4. Analysis of results and aggregation of individual responses to estimate values for the
group affected by the environmental change
The nature of CV analysis can best be understood by looking more closely at the
questionnaire design phase.
The components in a questionnaire:
In this case the questionnaire is designed to elicit from respondents their willingness to pay
for some feature of the environment. The questionnaire would normally have three
components:
1. A clear statement of exactly what the environmental feature or amenity is that people are
being asked to evaluate
2. A set of questions that will describe the respondent in economically relevant ways, such
as income, residential location, age, and use of related goods
3. A question, or set of questions, designed to elicit WTP responses from the respondent
1
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