A major advantage of using contingent valuation methods is the fact that they rely on surveys.
Although it is true that surveys are relatively easy to administer,they are also prone to bias since respondents will have incentives to misrepresent their true WTP for the environmental amenity.Other problems inherent with surveys include the biases of the creator of the survey questions,problems with small sample size and self-selection issues.These problems associated with the use of surveys make them a "disadvantage" of CVM.

Question

Quizplus · Accepted Answer

While contingent valuation methods (CVM) do rely on surveys, which can be prone to various biases and issues as mentioned, the statement positions these issues as a major advantage when in fact they are disadvantages. The use of surveys in CVM is seen as an advantage because it allows for the direct elicitation of values for non-market goods, which cannot be valued through market transactions. However, the problems cited (bias, small sample sizes, self-selection issues) are indeed significant challenges that need to be managed carefully in the design and implementation of CVM studies.

A Major Advantage of Using Contingent Valuation Methods Is the Fact