IGNOU BECE 143 2025 2026 - Stated preference and revealed preference methods of evaluat

Question

Stated preference and revealed preference methods of evaluating environmental resources

24 Mar 2026

Answer :

Word Count : 265

Stated preference and revealed preference methods are two primary approaches used in environmental economics to assign economic value to environmental resources and ecosystem services. Stated preference methods involve directly asking individuals about their willingness to pay for specific environmental improvements or willingness to accept compensation for environmental losses. The most common stated preference technique is the Contingent Valuation Method (CVM), which uses surveys or hypothetical scenarios to elicit individual preferences for non-market

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