George R. Parsons () (Graduate College of Marine Studies and Department of Economics,University of Delaware) Christopher Leggett (Industrial Economics, Incorporated) Kevin Boyle (Department of Agriculture and Applied Economics, Virginia Tech) Ami Kang (Graduate College of Marine Studies, University of Delaware)
Abstract
In this paper we estimate the economic loss of hypothetical beach closures on the Padre Island National Seashore on the Gulf Coast of Texas. We use a travel cost random utility maximization (RUM) model with data from a random phone survey of Texas residents completed in 2001. We simulate realistic closures that may occur in event of an oil spill or other disruption. For comparison we valued the loss of beach closures in the heavily populated Galveston area. The aggregate losses on Padre Island were highest on weekend days in July estimated at $171,000 per day of closure(2001$). They were lowest on weekdays in September at $25,000. Per trip losses were about $28. A similar closure of beaches near Galveston resulted in losses of $263,000 (week day) and $852,000 (weekend day) with a per trip loss of $30.
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Publisher Info
Paper provided by University of Delaware, Department of Economics in its series Working Papers with number
08-10.