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List the Two Contingent Valuation Approaches

question 9

Essay

List the two contingent valuation approaches.Identify which one is more sophisticated and explain when the less sophisticated approach might be preferred.


Definitions:

Working Memory

A cognitive system responsible for temporarily holding information available for processing tasks such as reasoning, learning, and comprehension.

Infant Attention

The focus and concentration an infant can apply to a task or object, indicating early cognitive development.

Preferential Looking

A research method used to study visual attention and preference, especially in infants, by measuring their gaze direction and duration towards different stimuli.

Habituation

The process by which an organism becomes accustomed to a stimulus and therefore responds less over time.

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