Using Multiple-Scenario Contingent Valuation Data to Estimate Willingness to Pay for Restoration of Mississippi’s Barrier Islands

GwanSeon Kim, Daniel Petrolia and Matthew Interis

No 98899, 2011 Annual Meeting, February 5-8, 2011, Corpus Christi, Texas from Southern Agricultural Economics Association

Abstract: This research applies a novel method of non-market valuation to the case of barrier island restoration in Mississippi. The objective is to estimate peoples’ willingness to pay (WTP) for restoration to pre-Camille status (i.e., as the barriers islands existed prior to Hurricane Camille in 1969). This is accomplished by incorporating the WTP responses for the Pre-Camille status as well as WTP data from two alternative restoration scenarios. An interval censored model was used to estimate WTP and compare WTP in both the single bounded model and the novel approach. This study found that the novel method introduced here results in higher WTP estimate: WTP under the standard single bounded model is $145.74, whereas the novel approach yields a mean WTP of $204.26.

Keywords: Environmental; Economics; and; Policy (search for similar items in EconPapers)
Pages: 20
Date: 2011
New Economics Papers: this item is included in nep-dcm and nep-env
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:saea11:98899

DOI: 10.22004/ag.econ.98899

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