Abstract
Although it has been questioned whether CVM can measure value assumed in micro-economic theory, CVM may be used for reflecting people's opinion or attitudes toward a public good in the policy with respect to the good. Therefore the policies determined based on CVM may be regarded as procedurally fair by people and may be more easily accepted by people due to the high procedural fairness. In order to test the hypotheses that policy based on CVM is perceived to be more procedurally fair and the perceived procedural fairness, in turn, increase the level of acceptance of the policy, a survey was designed and implemented. The data from the survey confirmed the hypotheses.
