The developer of the ecosystem valuation website hereby disclaims any liability or responsibility for the accuracy, completeness, or suitability of the information and materials contained in the system. Users of the ecosystem valuation system acknowledge that the developer shall not be held liable for any errors, omissions, or inaccuracies in the content or for any damages arising from the use of the system.
The developer does not warrant that the ecosystem valuation system will be uninterrupted or error-free, nor does the developer make any warranty as to the results that may be obtained from the use of the system or the accuracy of any information provided through it.
Users expressly understand and agree that the developer shall not be liable for any direct, indirect, incidental, special, consequential, or exemplary damages, including but not limited to, damages for loss of profits, goodwill, use, data, or other intangible losses, resulting from the use or inability to use the ecosystem valuation system.
By accessing and using the ecosystem valuation system, users agree to release and hold harmless the developer from any claims, demands, or damages, whether known or unknown, arising out of or in any way connected with such disputes.
This disclaimer and limitation of liability statement is subject to change without notice. It is the responsibility of users to review and understand these terms before using the ecosystem valuation system. The developer reserves the right to modify or discontinue the system at any time without prior notice.
Disclaimer and Limitation of Liability of the Method used in the System:
The system employs a customized open-ended question bidding mechanism, incorporating a double-bounded referendum. Respondents are initially presented with a price for a proposed change or program. The system then iteratively adjusts the price, prompting respondents to express their maximum or minimum willingness to pay. The final payment value is determined by the maximum amount the respondent is willing to pay. One limitation of the described method is that it relies heavily on respondents accurately expressing their willingness to pay through a series of price adjustments. The effectiveness of the approach depends on the respondent's understanding of the valuation process and their ability to articulate their preferences accurately. Additionally, the method assumes that respondents have a clear and consistent valuation for the proposed change or program, which may not always reflect the complexity and variability of real-world decision-making. Furthermore, the iterative nature of the process may be time-consuming and potentially lead to respondent fatigue or frustration, affecting the reliability of the final valuation.
The limitation includes allowing individuals to freely state the amount of money they are willing to pay. However, this method is less commonly employed because respondents often find it challenging to answer the payment question. This difficulty can lead to numerous missing values for their willingness to pay (WTP).
The open-ended question bidding mechanism gives an individual an open option to cite the value of money that they are willing to pay. This method is less frequently used, due to the respondent’s difficulty in answering the payment question, which would result in many missing values for their willingness to pay (WTP). Below is an example of an open-ended question:
