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Assessing the Total Economic Value of Barbados Welchman Hall Gully

Author

Listed:
  • Mamingi, Nlandu

    (University of the West Indies, Cave Hill, Department of Economics)

  • Maurin, Alain

    (Laboratoire d’Economie Appliquée au Développement (LEAD), Université des Antilles, U.F.R des Sciences Juridiques et Economiques, Campus de Fouillole)

  • Montauban, Jean-Gabriel

    (Laboratoire d’Economie Appliquée au Développement (LEAD), Université des Antilles, U.F.R des Sciences Juridiques et Economiques, Campus de Fouillole)

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

  • Mamingi, Nlandu & Maurin, Alain & Montauban, Jean-Gabriel, 2017. "Assessing the Total Economic Value of Barbados Welchman Hall Gully," Working Papers 18-1, University of the West Indies, CaveHill, Department of Economics.
    • Handle: RePEc:ris:uwiche:2018_001
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    More about this item

    Keywords

    Welchman Hall Gully; private provision of public good; environmental good; Tobit model; contingent valuation method (CVM);
    All these keywords.

    JEL classification:

    • C24 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Truncated and Censored Models; Switching Regression Models; Threshold Regression Models
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean
    • Q26 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Recreational Aspects of Natural Resources

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