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Estimation of Community Values of Lakes: A Study of Lake Mokoan in Victoria, Australia

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  • Herath, Gamini

    (La Trobe University, Albury)

Abstract

The recreation values of Lake Mokoan in Victoria were estimated in this study using the travel cost method and the contingent valuation method. Data were collected for both methods by personal interviews and four different values were estimated using variants of TCM and CVM. The TCM gave smaller estimates of consumers' surplus over the CVM. There were differences between the estimated values in the different variants of the same method. The lower values from the TCM may be due to the local origin of the users of the lake. The CVM gave a value of $61,100 and $82,900 for the open-ended and the dichotomous choice models. These values can be used as the upper and lower bounds for planning purposes. Conclusions were drawn on the maximum amount that could be spent in renovating the lake to make it fit for recreation by computing the present value of the estimated annual benefits. This study demonstrates that even if differences arise in estimates, they provide useful information and insight for lake management.

Suggested Citation

  • Herath, Gamini, 1999. "Estimation of Community Values of Lakes: A Study of Lake Mokoan in Victoria, Australia," Economic Analysis and Policy, Elsevier, vol. 29(1), pages 31-44, March.
  • Handle: RePEc:eee:ecanpo:v:29:y:1999:i:1:p:31-44
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    Cited by:

    1. Karnowahadi Karnowahadi & Indah Susilowati & Purbayu Budi Santosa, 2015. "Economic Valuation Of Cultural Heritage In Surakarta City, Central Java-Indonesia," Proceedings of International Academic Conferences 2704849, International Institute of Social and Economic Sciences.
    2. Stuart Cooper, 2007. "Stakeholder Performance Measurement: General Approaches and Methods of Economic Evaluation (English Version)," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 65(02), pages 260-283.

    More about this item

    Keywords

    Contingent Valuation; Recreation;

    JEL classification:

    • Q25 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Water
    • Q26 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Recreational Aspects of Natural Resources

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