My MPhil project is on valuation of urban green space in Hong Kong. I was suggested by my supervisor that it would be worthwhile to do this using Contingent Valuatino Method (CVM) with an emphasis of spatial differences and unique demographic characteristics of different regions.
I think it is a great idea because few people have done this and it actually aims to identify the magnitude and variation of social values attached to urban green spaces. Now I am snowed by journal articles but it's still an interesting process to keep thinking critically on issues I like. At the beginning I planned to apply another economic model called Hedonic Pricing Method as well. But my supervisor suggested me to focus on CVM instead. While I really want to do both, I am sure tbat I will be quite busy in these two years and perhaps focusing on one of them will make life easier. Given that CVM is intellectually more interesting and significant, I am happer to accept his suggestion.
One thing I feel a bit uncomfortable is that I was told that I will have to give out my own money to fund the survey. I don't know the exact amount but it seems quite strange to me. Is it a common practice? I am probably among the poorest graduates in my 2003 Finance class in CUHK given my salary and expenses in the last four years. I wonder if I could afford such expense if I want to have some savings myself.
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