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A comparison of contingent valuation method and random utility model estimates of the value of avoiding reductions in king mackerel bag limits

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John C. Whitehead

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Abstract

This paper estimates the value of king mackerel bag limit changes with both stated and revealed preference methods. The 1997 Marine Recreational Fishery Statistical Survey allows estimation of the value of avoiding bag limit reductions with the random utility model and the contingent valuation method. Using the contingent valuation method, the willingness to pay to avoid a one fish reduction in the bag limit is $2.45 per year. Using the random utility model, the willingness to pay to avoid a one fish reduction in the bag limit is $2.24 per trip and $7.71 for a two-month time period. Considering several methodological issues, the difference in willingness to pay between the stated and revealed preference methods is in the expected direction.

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Publisher Info
Article provided by Taylor and Francis Journals in its journal Applied Economics.

Volume (Year): 38 (2006)
Issue (Month): 15 (August)
Pages: 1725-1735
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Handle: RePEc:taf:applec:v:38:y:2006:i:15:p:1725-1735

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Loomis, John & Creel, Michael & Park, Timothy A, 1991. "Comparing Benefit Estimates from Travel Cost and Contingent Valuation Using Confidence Intervals for Hicksian Welfare Measures," Applied Economics, Taylor and Francis Journals, vol. 23(11), pages 1725-31, November.
  2. Carson, Richard & Hanemann, Michael & Steinberg, Dan, 1990. "A discrete choice contingent valuation estimate of the value of Kenai King salmon," Journal of Behavioral Economics, Elsevier, vol. 19(1), pages 53-68. [Downloadable!] (restricted)
  3. Elisabetta Strazzera & Riccardo Scarpa & Pinuccia Calia & Guy D. Garrod & Kenneth G. Willis, 2003. "Modelling zero values and protest responses in contingent valuation surveys," Applied Economics, Taylor and Francis Journals, vol. 35(2), pages 133-138, January. [Downloadable!] (restricted)
  4. Thornton, James, 2000. "Physician Choice of Medical Specialty: Do Economic Incentives Matter?," Applied Economics, Taylor and Francis Journals, vol. 32(11), pages 1419-28, September. [Downloadable!] (restricted)
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  1. Michael Kremer & Jessica Leino & Edward Miguel & Alix Peterson Zwane, 2009. "Spring Cleaning: Rural Water Impacts, Valuation and Property Rights Institutions," NBER Working Papers 15280, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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