Approach to valuation that asks people to "state their preference" for a good, service, often using questionnaires. For example, contingent valuation surveys ask respondents directly for the equivalent value through their willingness to pay (WTP) for a positive good or service, or their willingness to accept (WTA) a compensating value for its loss or a negative change to outcomes.

Glossary 2.0 – Social Value International. (2023). Social Value International. https://www.socialvalueint.org/glossary-20