Combining Revealed and Stated Preference Models for Artificial Reef Siting: A Study in the Florida Keys

Paul Hindsley, O. Ashton Morgan and John Whitehead

No 22-05, Working Papers from Department of Economics, Appalachian State University

Abstract: This paper investigates recreational divers’ preferences for artificial reef diving and willingness to pay (WTP) for large ship, artificial reef site attributes in the Florida Keys. We investigate diver demand for existing decommissioned ships that have been sunk off the Florida Keys as well as demand for four new vessels that are available for disposal from the U.S. Department of Transportation Maritime Administration inventory. Using survey data from divers, we compare revealed preference (RP) site choices, stated preference (SP) choices from a discrete choice experiment, and joint RP/SP choices. Our analysis also incorporates stated attribute nonattendance (ANA) at the choice-task level. Our results indicate that the joint RP/SP models with stated ANA are preferred, leading to decreases in marginal WTP as well as decreases in the variability of marginal WTP estimates in the 95% confidence intervals. Results provide a framework for directing more efficient future decision making regarding sinkings at locations that will enhance welfare for divers. Key Words: discrete choice experiment; artificial reefs; diving demand; willingness to pay

Date: 2022
New Economics Papers: this item is included in nep-agr, nep-dcm, nep-env and nep-upt
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Persistent link: https://EconPapers.repec.org/RePEc:apl:wpaper:22-05

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