___________ is a survey-based approach that aims to place a monetary value on a good through getting respondents to state a preference and a willingness to pay.

Question

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Contingent valuation method is a technique used to estimate the value people place on goods not traded in markets, such as environmental goods. Respondents are asked how much they are willing to pay (WTP) or willing to accept (WTA) compensation for a given change in the provision of that good. The results of the survey are then used to determine the value of the good.

___________ Is a Survey-Based Approach That Aims to Place a Monetary