The use of contingent valuation in assessing marine and coastal ecosystems’ water quality: A review

Marine and coastal ecosystems are of high importance owing to the mankind dependence on the goods and services provided. As water quality is one perspective of healthy marine and coastal ecosystems, the aim of this study is to review as more as possible surveys conducted worldwide and in Greece. Due to the lack of an official market to valuate non-marketed goods and services, contingent valuation is applied intensively in order to provide the policy makers and the society generally with the specific values derived by a developed hypothetical market. In addition, this study reviews the crucial but debatable notion of value, the theoretical framework in accordance with the existing statistical models to estimate the welfare measures and the numerous disadvantages that have to be taken into account in order to implement a reliable contingent valuation survey.