Applied Valuation Methods

3 Credits

Focus on the application of valuation methods that are frequently used for the valuation of market and non-market goods and services. We begin from the basic economic theory to derive the willingness to pay (WTP) measures, followed by learning empirical methods that can be used to elicit consumer WTP. Three key methods will be covered: choice experiments, contingent valuation, and experimental auctions. The pros and cons of each method will also be discussed.