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Assessing the Total Economic Value of Barbados Welchman Hall Gully

Author

Listed:
  • Nlandu Mamingi

    (The University of the West Indies)

  • Alain Maurin

    (CREDDI - Centre de Recherche en Economie et en Droit du Développement Insulaire [UR7_2] - UA - Université des Antilles)

  • Jean-Gabriel Montauban

    (CREDDI - Centre de Recherche en Economie et en Droit du Développement Insulaire [UR7_2] - UA - Université des Antilles)

Abstract

The objective of this paper is to derive the total economic value of Welchman Hall Gully, a tourist site which contributes in its own right to the economic prosperity of Barbados. The objective is achieved through the derivation of use and non-use values of the amenity. Despite its limitations, contingent valuation method (CVM) is of interest to derive such values. The data for analysis come from a well-crafted CVM survey. Using statistical tools and Tobit modelling, the paper finds that the additional annual use value could reach BDS$45,924.00 or US$22,962.00 and the yearly non-use value could be BDS$72,765.00. Taking the present entrance fees into account, the total undiscounted economic value of the site could reach BDS$289,289.00. Income size, love for the environment, gender and level of education positively affect willingness to pay for an additional entrance fee. Gender, age and membership in a non-governmental organization, sensibly affect willingness to contribute to a fund for the preservation of the site. The results of the valuation coupled with cost information can motivate the manager of the site in identifying policy or mechanisms by which the site can be maintained and/or improved owing to smart use of funds generated from the utilization of the site.

Suggested Citation

  • Nlandu Mamingi & Alain Maurin & Jean-Gabriel Montauban, 2017. "Assessing the Total Economic Value of Barbados Welchman Hall Gully," Post-Print hal-03944064, HAL.
    • Handle: RePEc:hal:journl:hal-03944064
    as

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