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Willingness to Pay for Submerged Maritime Cultural Resources

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  • John Whitehead
  • Suzanne Finney

Abstract

Many consider salvage value and tourism expenditures as the only economic values of a historic shipwreck. This paper looks at one alternative, the non-market value generated by management of shipwrecks as submerged maritime cultural resources. We consider the question: How much are people willing to pay to maintain shipwrecks in their pristine state? The contingent valuation method was implemented during summer 2001 as part of a telephone survey to households in eastern North Carolina. We find that households are willing to pay about $35 in a one-time increase in state taxes. Willingness to payis internally validated by expected relationships with prices and income but fails to pass the scope test. We speculate that we inadvertently succumbed to the well-known “birds” problem. The double-bounded willingness to pay questions are not incentive compatible and are subject to starting point bias, despite efforts to minimize these effects. Copyright Kluwer Academic Publishers 2003

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Bibliographic Info

Article provided by Springer in its journal Journal of Cultural Economics.

Volume (Year): 27 (2003)
Issue (Month): 3 (November)
Pages: 231-240

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Handle: RePEc:kap:jculte:v:27:y:2003:i:3:p:231-240

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Web page: http://www.springerlink.com/link.asp?id=100284

Related research

Keywords: historic shipwreck; incentive incompatibility; starting point bias; willingness to pay;

References

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  1. John C. Whitehead & Timothy C. Haab & Ju-Chin Huang, 1998. "Part-Whole Bias in Contingent Valuation: Will Scope Effects Be Detected with Inexpensive Survey Methods?," Southern Economic Journal, Southern Economic Association, vol. 65(1), pages 160-168, July.
  2. Cameron, Trudy Ann & James, Michelle D, 1987. "Efficient Estimation Methods for "Closed-ended' Contingent Valuation Surveys," The Review of Economics and Statistics, MIT Press, vol. 69(2), pages 269-76, May.
  3. Herriges, Joseph A. & Shogren, Jason F., 1996. "Starting Point Bias in Dichotomous Choice Valuation with Follow-Up Questioning," Staff General Research Papers 1501, Iowa State University, Department of Economics.
  4. Boyle Kevin J. & Desvousges William H. & Johnson F. Reed & Dunford Richard W. & Hudson Sara P., 1994. "An Investigation of Part-Whole Biases in Contingent-Valuation Studies," Journal of Environmental Economics and Management, Elsevier, vol. 27(1), pages 64-83, July.
  5. Peter A. Diamond & Jerry A. Hausman, 1994. "Contingent Valuation: Is Some Number Better than No Number?," Journal of Economic Perspectives, American Economic Association, vol. 8(4), pages 45-64, Fall.
  6. W. Michael Hanemann, 1994. "Valuing the Environment through Contingent Valuation," Journal of Economic Perspectives, American Economic Association, vol. 8(4), pages 19-43, Fall.
  7. Huang, Ju-Chin & Haab, Timothy C. & Whitehead, John C., 1997. "Willingness to Pay for Quality Improvements: Should Revealed and Stated Preference Data Be Combined?," Journal of Environmental Economics and Management, Elsevier, vol. 34(3), pages 240-255, November.
  8. Carson, Richard T. & Hanemann, W. Michael, 2006. "Contingent Valuation," Handbook of Environmental Economics, in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 2, chapter 17, pages 821-936 Elsevier.
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Citations

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Cited by:
  1. Pek, Chuen-Khee & Tee, Chee-Hoong & Ng, Phuay-Ying, 2010. "A Contingent Valuation Estimation of Hill Recreational and Services Values in Malaysia," MPRA Paper 23125, University Library of Munich, Germany.
  2. Noonan, Douglas S. & Krupka, Douglas J., 2008. "Determinants of Historic and Cultural Landmark Designation: Why We Preserve What We Preserve," IZA Discussion Papers 3777, Institute for the Study of Labor (IZA).
  3. Anna Alberini & Alberto Longo & Patrizia Riganti, 2006. "Using Surveys to Compare the Public’s and Decisionmakers’ Preferences for Urban Regeneration: The Venice Arsenale," Working Papers 2006.137, Fondazione Eni Enrico Mattei.
  4. Paul McNamee & Laura Ternent & Adjima Gbangou & David Newlands, 2010. "A game of two halves? Incentive incompatibility, starting point bias and the bidding game contingent valuation method," Health Economics, John Wiley & Sons, Ltd., vol. 19(1), pages 75-87.
  5. Lyons, Sean & Mayor, Karen & Moro, Mirko & Tol, Richard S J, 2011. "Does the housing market reflect cultural heritage? A case study of Greater Dublin," Stirling Economics Discussion Papers 2011-07, University of Stirling, Division of Economics.
  6. Tuan, Hun Tran & Navrud,Stale, 2012. "Capturing the Benefits of Preserving World Heritage Cultural Heritage Sites," EBLA Working Papers 201202, University of Turin.
  7. J. Snowball, 2005. "Art for the Masses? Justification for the Public Support of the Arts in Developing Countries – Two Arts Festivals in South Africa," Journal of Cultural Economics, Springer, vol. 29(2), pages 107-125, May.
  8. Boter, Jaap & Rouwendal, Jan & Wedel, Michel, 2004. "Employing Travel Costs to Compare the Use Value of Competing Cultural Organizations," Serie Research Memoranda 0011, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
  9. Patrizia Riganti & Anna Alberini & Alberto Longo, 2005. "Public Preferences for Land uses’ changes - valuing urban regeneration projects at the Venice Arsenale," ERSA conference papers ersa05p756, European Regional Science Association.
  10. Jaap Boter & Jan Rouwendal & Michel Wedel, 2005. "Employing Travel Time to Compare the Value of Competing Cultural Organizations," Journal of Cultural Economics, Springer, vol. 29(1), pages 19-33, February.
  11. Morgan, O. Ashton & Huth, William L., 2011. "Using revealed and stated preference data to estimate the scope and access benefits associated with cave diving," Resource and Energy Economics, Elsevier, vol. 33(1), pages 107-118, January.

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