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An Iterative Choice Approach to Valuing Clean Lakes, Rivers, and Streams

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  • Magat, Wesley A.
  • Huber, Joel
  • Viscusi, W. Kip
  • Bell, Jason

Abstract

This article introduces an iterative choice procedure for valuing inland water quality. This approach breaks up the valuation into a series of component tasks. The water quality ladder approach is not valid empirically. Consequently, respondents in Colorado and North Carolina assessed the value of making water quality rated "good" by EPA, which has a value of $22.40 per additional percent improvement. Nonuse and probabilistic use are highly valued. The results also indicate how water quality valuations differ for aquatic environment, edible fish, and swimming, as well as for water that is cloudy, smelly, or polluted by toxics. Minorities are particularly likely to rely upon monitorable water quality attributes. Copyright 2000 by Kluwer Academic Publishers

Suggested Citation

  • Magat, Wesley A. & Huber, Joel & Viscusi, W. Kip & Bell, Jason, 2000. "An Iterative Choice Approach to Valuing Clean Lakes, Rivers, and Streams," Journal of Risk and Uncertainty, Springer, vol. 21(1), pages 7-43, July.
  • Handle: RePEc:kap:jrisku:v:21:y:2000:i:1:p:7-43
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    Cited by:

    1. repec:eee:ecolec:v:137:y:2017:i:c:p:184-194 is not listed on IDEAS
    2. W. Viscusi & Joel Huber & Jason Bell, 2012. "Heterogeneity in Values of Morbidity Risks from Drinking Water," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 52(1), pages 23-48, May.
    3. Holmes, Thomas P. & Bergstrom, John C. & Huszar, Eric & Kask, Susan B. & Orr, Fritz III, 2004. "Contingent valuation, net marginal benefits, and the scale of riparian ecosystem restoration," Ecological Economics, Elsevier, vol. 49(1), pages 19-30, May.
    4. R. Scott Farrow & Martin T. Schultz & Pinar Celikkol & George L. Van Houtven, 2005. "Pollution Trading in Water Quality Limited Areas: Use of Benefits Assessment and Cost-Effective Trading Ratios," Land Economics, University of Wisconsin Press, vol. 81(2).
    5. Rebecca Moore & Bill Provencher & Richard C. Bishop, 2011. "Valuing a Spatially Variable Environmental Resource: Reducing Non-Point-Source Pollution in Green Bay, Wisconsin," Land Economics, University of Wisconsin Press, vol. 87(1), pages 45-59.
    6. Andrew Meyer, 2013. "Intertemporal Valuation of River Restoration," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 54(1), pages 41-61, January.
    7. Johnston, Robert J. & Besedin, Elena Y. & Ranson, Matthew H., 2006. "Characterizing the effects of valuation methodology in function-based benefits transfer," Ecological Economics, Elsevier, vol. 60(2), pages 407-419, December.
    8. Ge, Jiaqi, 2014. "Stepping into new territory: Three essays on agent-based computational economics and environmental economics," ISU General Staff Papers 201401010800004899, Iowa State University, Department of Economics.
    9. Bateman, Ian J. & Day, Brett H. & Jones, Andrew P. & Jude, Simon, 2009. "Reducing gain-loss asymmetry: A virtual reality choice experiment valuing land use change," Journal of Environmental Economics and Management, Elsevier, vol. 58(1), pages 106-118, July.
    10. Van Houtven, George & Powers, John & Pattanayak, Subhrendu K., 2007. "Valuing water quality improvements in the United States using meta-analysis: Is the glass half-full or half-empty for national policy analysis?," Resource and Energy Economics, Elsevier, vol. 29(3), pages 206-228, September.
    11. Ge, Jiaqi & Kling, Catherine L. & Herriges, Joseph A., 2013. "How Much is Clean Water Worth? Valuing Water Quality Improvement Using A Meta Analysis," Staff General Research Papers Archive 36597, Iowa State University, Department of Economics.

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