Explain in detail how the contingent valuation method would be used to estimate the value of the environmental good.

Give an example of an environmental good for which the contingent valuation method could be used to estimate its value.

a. Explain in detail how the contingent valuation method would be used to estimate the value of the environmental good.

b. What sorts of issues can arise? How might they be addressed? Note: You might refer to Hanemann (1994) to help answer this part.

c. Briefly describe another valuation method that could be used to value the same environmental good, and explain how the alternative method you chose differs from the contingent valuation method.