Property Owners' Willingness to Pay for Water Quality Improvements: Contingent Valuation Estimates in Two Central Minnesota Watersheds

Improved lake water quality yields environmental benefits that translate into economic benefits. This study estimates the economic value of these benefits by assessing the willingness-to-pay (WTP) of property owners for restoring lakes in two watersheds in Minnesota using the contingent valuation me...

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Bibliographic Details
Published in:The journal of applied business and economics 2011-02, Vol.12 (1), p.81
Main Authors: Welle, Patrick G, Hodgson, James B
Format: Article
Language:English
Subjects:
Environmental impact
Households
Property rights
Regression analysis
Studies
Valuation methods
Water quality
Watershed management
Watersheds
Willingness to pay
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Summary:Improved lake water quality yields environmental benefits that translate into economic benefits. This study estimates the economic value of these benefits by assessing the willingness-to-pay (WTP) of property owners for restoring lakes in two watersheds in Minnesota using the contingent valuation method (CVM). Alternative models generated a range of WTP estimates, with the means for one watershed clustered in the $200 to $300 range, while the other watershed ranged from $11 to $17. Differences between lakeshore and non-lakeshore property ownership patterns, recreational use, and other socio-economic and watershed characteristics were significant influences on WTP. [PUBLICATION ABSTRACT]
ISSN:1499-691X