Current Status
As shown by Mundy and McLean (1998), contingent valuation is now widely accepted as a real estate appraisal technique, particularly in contaminated property or other situations where revealed preference models (i.e. transaction pricing) fail due to disequilibrium in the market. McLean, Mundy, and Kilpatrick (1999) demonstrate the acceptability of contingent valuation in real estate expert testimony, and the current standards for use of contingent valuation in litigation situations is described by Diamond (2000).
The technique has been widely used by government departments in the US when performing cost-benefit analysis of projects impacting, positively or negatively, on the environment. Examples include a valuation of water quality and recreational opportunities in the river downstream from Glen Canyon dam, biodiversity restoration in the Mono Lake and restoration of salmon spawning grounds in certain rivers. The technique has also been used in Australia to value areas of the Kakadu National Park as well as trophy property in the United States, and is recognized as a valuable tool in the appraisal of brownfields.
Read more about this topic: Contingent Valuation
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