Contingent Value Response

Decent Essays
Contingent Value Response Reagan Williams The Importance of Contingent Value Changing with the Electorate Contingent value and its interpretation and in American Society is an interesting topic to cover. Contingent value is defined as an economic survey-based technique, utilized in order to valuate non-market resources, such as the impact of pollution, or environmental protection and preservation. In economic terms, these resources have a use for people but aren’t directly sold to consumers. This can be shown by considering the value of a beautiful wild life scene, the price is not directly sold to consumers but there is a certain value that people would pay to experience it. This returns to topics covered earlier in the term by the way of considering certain people’s willingness to pay for certain things. Surveys are sent out by the government in order to gauge how much an American would pay for various programs that do not necessarily involve a direct return. In exploring contingent value a large portion of the findings collected by surveys are representative of the current electorate. In diving deeper into this point, I must stress and demonstrate how the electorate can change even though a large number of voters are the same voters that might have had a different opinion some time ago. This is highlighted by the ultimate…show more content…
This increases the importance of survey based contingent value results, because when all is completed, the people are the ones who must pay the price for whatever it is that is being valuated. Finding the right way and right price to go about completing projects that will help the citizens of this country are very important to getting things done for our country, and helps bypass the gridlock and waiting game that can be played when the government’s idea of something’s contingent value doesn’t match the
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