What's helpful about the CVM?
What's helpful about the CVM?
- Assesses both active-use and passive-use values (existence and option value).
- E.g. Exxon Valdez oil spill disaster - estimated lost existence values $3 billion.
- National Oceanographic and Atmospheric Administration (NOAA) concluded that referendum-style CVM analysis, done in person, ”..can produce estimates reliable enough to be the starting point of a judicial process of damage assessment, including lost passive-use [existence] values."