Economic Values of Saginaw Bay Coastal Marshes
We estimate the economic values of Saginaw Bay coastal marshes with multiple methods. First we estimate the value of coastal marsh recreation with two variations of the travel cost method: the single-site recreation demand model and the recreation site selection or random utility model. Using the single site model the current level of day trip recreation in the Saginaw Bay coastal marsh area is valued at almost $16 million each year. The present value is $239 million. Using the site selection travel cost model, an increase in 1125 acres of coastal marsh is valued at about $94,000 annually. The present value is $1.83 million. Willingness to pay for recreation and other values of coastal marsh protection is estimated using the contingent valuation method. The annual value of protection of 1125 acres of coastal marsh is $113,000. The present value is $2.2 million.
|Date of creation:||2006|
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