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Total Economic Values of Increasing Gray Whale Populations: Results from a Contingent Valuation Survey of Visitors and Households

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Author Info

  • Loomis, John B.
  • Larson, Douglas M.
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    Abstract

    The consistency of an individual's willingness to pay (WTP) responses for increases in the quantity of an environmental public good (whale populations) is tested along three lines. First, we test whether WTP for 50% and 100% increases in whale populations are statistically different from zero. Second, we ask whether the incremental WTP from a 50% increase to a 100% increase is statistically significant. Finally, we test whether there is diminishing marginal valuation of the second 50% increment in gray whale populations. The paired t-tests on open-ended WTP responses supported all three sets of hypotheses. Both visitors and households provided WTP responses that were statistically different from zero and increased (but in a diminishing fashion) for the second increment in WTP. In this survey both visitors and households provided estimates of total economic value (including non-use or existence values) for large changes in wildlife/fishery resources that were consistent with consumer theory.

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    File URL: http://purl.umn.edu/48893
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    Bibliographic Info

    Article provided by Marine Resources Foundation in its journal Marine Resource Economics.

    Volume (Year): 09 (1994)
    Issue (Month): 3 ()
    Pages:

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    Handle: RePEc:ags:mareec:48893

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    Web page: http://www.uri.edu/cels/enre/mre/mre.htm

    Related research

    Keywords: Existence value; contingent valuation; gray whale; California; willingness to pay; Environmental Economics and Policy; Resource /Energy Economics and Policy;

    References

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    1. Loomis, John B., 1990. "Comparative reliability of the dichotomous choice and open-ended contingent valuation techniques," Journal of Environmental Economics and Management, Elsevier, vol. 18(1), pages 78-85, January.
    2. Douglas M. Larson, 1993. "On Measuring Existence Value," Land Economics, University of Wisconsin Press, vol. 69(4), pages 377-388.
    3. Mary Jo Kealy & John F. Dovidio & Mark L. Rockel, 1988. "Accuracy in Valuation Is a Matter of Degree," Land Economics, University of Wisconsin Press, vol. 64(2), pages 158-171.
    4. Loomis, John B. & Cooper, Joseph C., 1990. "Comparison Of Environmental Quality-Induced Demand Shifts Using Time-Series And Cross-Section Data," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 15(01), July.
    5. Hoehn John P. & Loomis John B., 1993. "Substitution Effects in the Valuation of Multiple Environmental Programs," Journal of Environmental Economics and Management, Elsevier, vol. 25(1), pages 56-75, July.
    6. Loomis John & Lockwood Michael & DeLacy Terry, 1993. "Some Empirical Evidence on Embedding Effects in Contingent Valuation of Forest Protection," Journal of Environmental Economics and Management, Elsevier, vol. 25(1), pages 45-55, July.
    7. Bradford, David F, 1970. "Benefit-Cost Analysis and Demand Curves for Public Goods," Kyklos, Wiley Blackwell, vol. 23(4), pages 775-91.
    8. Brookshire, David S, et al, 1982. "Valuing Public Goods: A Comparison of Survey and Hedonic Approaches," American Economic Review, American Economic Association, vol. 72(1), pages 165-77, March.
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