estimation. Moreover, setting up a second bid price different from the very first one would reveal more
effective result somehow.
Furthermore, designed for significant reduction of the problems of CVM, the second bid price of doublebounded
CVM produces more precise point estimates of parameters and central tendency measures of WTP.
The disadvantages of CVM are both costly and time consuming (Bennett, Anderson, & Blaney, 2002).
Reference (Rahim, March 2008) also claimed that “WTP may exceed true feeling, results may appear
inconsistent with tents of rational choice or may express a value for the satisfaction of giving rather than the
value of products or services. The questionnaires’ respondents may be unfamiliar with products or services”.
To cope with CVM difficulties, Reference (Moon & Griffith, 2011) adopted dissonance-minimizing
elicitation method as proposed by Blamey et al. (1999) that allow respondents to express multi attitude in
anticipation of reducing respondents’ dissonance between truthfully answer and favorably view products at
issue.