CVM is a standard approach to elicit WTP through dichotomous choice, markettype
questioning format with a direct survey (Kanninen 1993). In the dichotomous
choice CVM, each respondent is asked whether he/she would be willing to pay a
particular price for a particular good in a hypothetical market, letting him/her answer
with ‘yes’ or ‘no’ to the ‘bid’ amounts offered.