The various methods economists use to elicit WTP for environmental services (such as flood control, or a

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The various methods economists use to elicit WTP for environmental services (such as flood control, or a decrease in respiratory illness due to improved air quality, or biodiversity) are generally put into two major groups; namely revealed preference and stated preference. What is the important or key distinction between these two groups; that is, revealed versus stated preference? Make sure to provide example(s) in explaining these concepts.

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