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1 (a) Explain the difference between Revealed and Stated Preference valuation methods and the types of values each can elicit. (b) Explain intuitively and with

1 (a) Explain the difference between Revealed and Stated Preference valuation methods and the types of values each can elicit.

(b) Explain intuitively and with an equation how a hedonic property value model works? (c) Explain intuitively and with an equation or a graph how a travel cost model works?

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