Abstract
In CVM applications, several factors may contribute to the possibility of distortions in the estimates: a low number of samples, the bidding game starting point threshold, poor knowledge of the person interviewed of the hypothetical market, etc. The adoption of suitable expedients in the estimating procedure may help to remove many causes for error (see, among others, Mitchell and Carson, 1989), but there is no doubt that the very nature of the subject of evaluation leads to considerable uncertainty over its quantification in monetary terms. On the other hand, the reason for resorting to an evaluation of natural resources or their functions does not always stem from the necessity to quantify them in absolute terms, but rather to attribute an ordering of alternative projects in relation to their social value.
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Casini, L., Romano, S. (1998). The Economic Value of Hunting in Florence Province. In: Bishop, R.C., Romano, D. (eds) Environmental Resource Valuation. Studies in Risk and Uncertainty, vol 11. Springer, Boston, MA. https://doi.org/10.1007/978-1-4615-5741-8_7
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