CVM was first introduced by Ciriacy-Wantrup in 1947 and Davis used it for the first time in 1960. It was utilized in research pertaining to valuation frequently. The method, however, was mostly used in forest ecosystem valuation. The Contingent Valuation Method (CVM) is used to estimate economic values for all kinds of ecosystem and environmental services. It can be used to estimate both use and non use values, and it is the most widely used method for estimating non-use values. The contingent valuation method involves directly asking people, in a survey, how much they would be willing to pay for specific environmental services. In some cases, people are asked for the amount of compensation they would be willing to accept to give up specific
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The CVM method also selected for the present study because; the main objective of the CVM is to put a monetary value on the environmental benefits derived by visitors.
1.12.4 Garett ranking Technique:
The MTR is facing many social, economic, political and ecological problems. To identify the most important problems facing by the MTR the Garett ranking technique was used. As per this method, visitors have been asked to assign the rank for all problems and outcome of such ranking have been converted into score value with the help of the following formula:
Percent position =(100 (Rij-0.5))/Nj
Where,
Rij = Rank give for the ith variable by jth visitors
Nj = Number of variable ranked by jth visitors.
With the help of Garrentt’s table, the percent position estimated is converted into scores. Than for each problems, the scores of each individual are added and then total value of score and mean values of score is calculated. The problems having highest mean value is considered to be the most important …show more content…
Therefore, the study is restricted to application of TCM and CVM to estimate the economic value and benefits of improved site quality of MTR recreation site as a case study. Furthermore, a sample is drawn only from visitors of the site. The study also measured only the current recreational and conservational benefits of the site which is one part of the total economic value of the site. Foreign visitors are not included in this valuation study because they are multi-site visitors. The study is also limited to valuing only the benefit derived from wildlife and does not include other services. In the new entrance fee estimation, due to the information limitation, this study didn’t include the situation of special
The CVM method also selected for the present study because; the main objective of the CVM is to put a monetary value on the environmental benefits derived by visitors.
1.12.4 Garett ranking Technique:
The MTR is facing many social, economic, political and ecological problems. To identify the most important problems facing by the MTR the Garett ranking technique was used. As per this method, visitors have been asked to assign the rank for all problems and outcome of such ranking have been converted into score value with the help of the following formula:
Percent position =(100 (Rij-0.5))/Nj
Where,
Rij = Rank give for the ith variable by jth visitors
Nj = Number of variable ranked by jth visitors.
With the help of Garrentt’s table, the percent position estimated is converted into scores. Than for each problems, the scores of each individual are added and then total value of score and mean values of score is calculated. The problems having highest mean value is considered to be the most important …show more content…
Therefore, the study is restricted to application of TCM and CVM to estimate the economic value and benefits of improved site quality of MTR recreation site as a case study. Furthermore, a sample is drawn only from visitors of the site. The study also measured only the current recreational and conservational benefits of the site which is one part of the total economic value of the site. Foreign visitors are not included in this valuation study because they are multi-site visitors. The study is also limited to valuing only the benefit derived from wildlife and does not include other services. In the new entrance fee estimation, due to the information limitation, this study didn’t include the situation of special