What are Barrier Islands Worth? Estimates of Willingness to Pay for Restoration
AbstractA 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 stateâ€™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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Bibliographic InfoArticle provided by Marine Resources Foundation in its journal Marine Resource Economics.
Volume (Year): 24 (2009)
Issue (Month): 2 ()
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Web page: http://www.uri.edu/cels/enre/mre/mre.htm
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;
Find related papers by JEL classification:
- H41 - Public Economics - - Publicly Provided Goods - - - Public Goods
- Q24 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Land
- Q26 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Recreational Aspects of Natural Resources
- Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
- Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics
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