How to Value the Benefits of a Recreational Area? A Cost-Benefit Analysis of the Conversion of a Brownfield to a Public Beach in Muggia (Italy)
In this paper, we evaluate the potential reconversion to recreational uses of a brownfield area on the shoreline of Muggia (North-East Italy). We perform a Cost-Benefit Analysis of the value to society of such a reconversion compared with alternative scenarios (excavation and Òdo minimumÒ). We investigate why existing methods, including the ÒEconomic ImpactÓ, are not be appropriate to provide normative recommendations. As an alternative, we propose a parsimonious method based on contingent valuation and a pressure-intensity function, for valuing the recreational value in a context where available data are scarce. Our results strongly support the reconversion of the area to recreational functions.
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- Cordes, Joseph J & Gatzlaff, Dean H & Yezer, Anthony M, 2001. "To the Water's Edge, and Beyond: Effects of Shore Protection Projects on Beach Development," The Journal of Real Estate Finance and Economics, Springer, vol. 22(2-3), pages 287-302, March-May.
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- Gopalakrishnan, Sathya & Smith, Martin D. & Slott, Jordan M. & Murray, A. Brad, 2011. "The value of disappearing beaches: A hedonic pricing model with endogenous beach width," Journal of Environmental Economics and Management, Elsevier, vol. 61(3), pages 297-310, May.
- Kenneth E. McConnell, 1977. "Congestion and Willingness to Pay: A Study of Beach Use," Land Economics, University of Wisconsin Press, vol. 53(2), pages 185-195.
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