Willingness to Pay for Recreational Land Use in Minnesota

Rutherford Card. Johnson and Eddie G. Walker

International Journal of Food and Agricultural Economics (IJFAEC), 2021, vol. 09, issue 01

Abstract: Decision strategy pertaining to discretionary activities such as recreation may have inherently psychological components that are difficult to observe or unobservable. Also, geographical factors may exist when possible recreation site choices are geographically dispersed, whether amenities are similar or not. The choice to visit a recreational facility, then, comes with both a potential utility reward and a potential utility risk. Prior literature has demonstrated that recreational site selection may either be from the perspective of utility maximisation or regret minimisation. Minnesota, USA, is a well-known recreational destination year-round, with recreational consumers coming from all over the state itself and from around the US and Canada. The major regions of the state each have recreational sites making use of their countryside capital, but they differ in population as well as distance from major population centres, such as Minneapolis and Duluth. This study considers various easily observable traits of recreational consumers in the psychological framework of decision strategy to determine their influence on preferences for recreation in Minnesota overall and in its several distinct regions. Such decisions may point to efforts to hedge against emotional risk in the process of utility maximisation and regret minimisation. That information can be used to make better-informed recreational policy in the state of Minnesota, as well as improve local regional policy and corporate efforts to maximise benefit from countryside capital.

Keywords: Agricultural and Food Policy; Community/Rural/Urban Development; Demand and Price Analysis; Farm Management; Land Economics/Use; Resource/Energy Economics and Policy (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://ageconsearch.umn.edu/record/309379/files/vol9.no1.pp27.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ags:ijfaec:309379

DOI: 10.22004/ag.econ.309379

Access Statistics for this article

More articles in International Journal of Food and Agricultural Economics (IJFAEC) from Alanya Alaaddin Keykubat University, Department of Economics and Finance Contact information at EDIRC.
Bibliographic data for series maintained by AgEcon Search ().