Methology of the Contingent Valuation Method

The contingent valuation method is a controversial method that has not been generally recognized as a perfect method to research the non-value of cultural goods. However it is currently the only method. I researched two of the biases that partially are the cause why the method is not accepted by many. The information bias and the scope insensitivity bias. I used the possible disappearance of the Brandweermuseum in Hellevoetsluis to perform a CV study. I performed correlation and regression analysis on the results. There was a significant correlation between the two biases and WTP, however the two biases could not be used to predict WTP. The answer to the research question, how you could improve the validity of your CV study, is that you should follow the guidelines of the NOAA report, but that those guidelines need to be updated for cultural goods. More research should be done about how to get respondents aware of their budget constraints. But I certainly advice the CV method to be used in addition to the opinions of experts.