The Contingent Valuation Method (CVM) and travel cost method (TCM) are available to estimate environmental benefits. The primary purpose of this study is to assess the validity of the hypothetical value estimated by CVM compared to actual behavior-based TCM analysis.
Special attention is given to measurement problems concerned with question formats in the CVM.
The first issue is to evaluate payment vehicles relating to quantity response format and price response. A second issue is to evaluate elicitation methods relating to open ended format, check list and dichotomous choice.
The conclusions emerged from this study: (1) The quantity response CVM value is slightly larger than price response, and approximates to the TCM value, (2) The dichotomous choice CVM value is obviously larger than open ended and check list, and approximates to the TCM value.