Open AccessContingent Valuation And Recreational Demand
Author(s) -
Scott N. Ralston,
William M. Park,
Edward J. Frampton
Publication year - 2011
Publication title -
journal of applied business research
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.149
H-Index - 22
eISSN - 2157-8834
pISSN - 0892-7626
DOI - 10.19030/jabr.v7i3.6234
Subject(s) - contingent valuation , recreation , willingness to pay , valuation (finance) , economic surplus , economics , recreational use , value (mathematics) , actuarial science , microeconomics , econometrics , statistics , mathematics , welfare , finance , law , political science , market economy
A contingent valuation model is developed to estimate the value of the recreational experience for visitors to Reelfoot Lake in northwestern Tennessee. Hicksian compensating variation measures of consumer surplus were estimated. Individual willingness-to-pay and aggregate willingness-to-pay were calculated for the lake.