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What are Barrier Islands Worth? Estimates of Willingness to Pay for Restoration

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Author Info

  • Petrolia, Daniel R.
  • Kim, Tae-Goun

Abstract

A dichotomous-choice contingent-valuation survey was conducted in the State of Mississippi (USA) to estimate willingness to pay (WTP) for three restoration options being considered for the state’s barrier islands. Random-effects probit models were estimated, and parametric and non-parametric WTP estimates and confidence intervals were calculated. Turnbull lower-bound mean WTP was $22 per respondent to maintain the existing footprint over a 30-year period, $152 to restore 2,338 acres (pre-1969 footprint), and $277 to restore 5,969 acres (pre-1900 footprint). Econometric results indicate that for the Pre-Camille and Pre-1900 options, coastal residents and those citing storm protection, recreation impact, and environmental impact as primary decision factors, were more likely to support restoration, with marginal effects of these greater for the Pre-Camille option. For the Status-Quo option, 75% of respondents voted in favor of restoration, and the offered bid was not significant; only the hurricane-protection and environmental-impact variables were significant for this option.

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File URL: http://purl.umn.edu/57080
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Bibliographic Info

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

Volume (Year): 24 (2009)
Issue (Month): 2 ()
Pages:

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Handle: RePEc:ags:mareec:57080

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

Related research

Keywords: Dichotomous choice; Krinsky-Robb; non-market valuation; random-effects probit; referendum; Turnbull; Demand and Price Analysis; Public Economics; Research and Development/Tech Change/Emerging Technologies; Research Methods/ Statistical Methods; Risk and Uncertainty; H41; Q24; Q26; Q51; Q57;

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References

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  1. Landry, Craig E. & Keeler, Andrew G. & Kriesel, Warren, 2003. "An Economic Evaluation Of Beach Erosion Management Alternatives," Marine Resource Economics, Marine Resources Foundation, vol. 18(2).
  2. Rabe-Hesketh, Sophia & Skrondal, Anders & Pickles, Andrew, 2005. "Maximum likelihood estimation of limited and discrete dependent variable models with nested random effects," Journal of Econometrics, Elsevier, vol. 128(2), pages 301-323, October.
  3. Hite, Diane & Hudson, Darren & Intarapapong, Walaiporn, 2002. "Willingness To Pay For Water Quality Improvements: The Case Of Precision Application Technology," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 27(02), December.
  4. Timothy C. Haab & Kenneth E. McConnell, 1998. "Referendum Models and Economic Values: Theoretical, Intuitive, and Practical Bounds on Willingness to Pay," Land Economics, University of Wisconsin Press, vol. 74(2), pages 216-229.
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Cited by:
  1. Halkos, George, 2012. "The use of contingent valuation in assessing marine and coastal ecosystems’ water quality: A review," MPRA Paper 42183, University Library of Munich, Germany.
  2. Ojea, Elena & Loureiro, Maria L., 2011. "Identifying the scope effect on a meta-analysis of biodiversity valuation studies," Resource and Energy Economics, Elsevier, vol. 33(3), pages 706-724, September.
  3. Kim, GwanSeon & Petrolia, Daniel R. & Interis, Matthew G., 2012. "A Method for Improving Welfare Estimates from Multiple-Referendum Surveys," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 37(2), August.

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