Keywords: contingent valuation, pricing, research methods, sustainable development, sustainable management, management strategy, non-market goods, environmental preservation, environmental management, biodiversity programme
Pricing sustainable development
One of the difficulties in sustainable management is pricing non-market elements of a management strategy so that they can be weighted and prioritised correctly. Contingent valuation appears to be one approach to solving this problem. The Contingent Valuation Method is based on consumers' direct revelation in contingent scenario situations. This permits revealing people's willingness to pay for a non-marketed good, like more fresh air or a programme of environmental preservation. This paper presents an application of the Contingent Valuation Method to a public sector case on environmental preservation. A contingent valuation survey was carried out on a local sample of 402 individuals to reveal the value they give to a particular biodiversity programme. Methodology and results are explained with the view to providing a tool for managers involved in developing policies that have a sustainable advantage.