Assessing the Total Economic Value of Barbados Welchman Hall Gully

Nlandu Mamingi (), Alain Maurin and Jean-Gabriel Montauban
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Nlandu Mamingi: The University of the West Indies
Alain Maurin: CREDDI - Centre de Recherche en Economie et en Droit du Développement Insulaire [UR7_2] - UA - Université des Antilles
Jean-Gabriel Montauban: CREDDI - Centre de Recherche en Economie et en Droit du Développement Insulaire [UR7_2] - UA - Université des Antilles

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Abstract: The objective of this paper is to derive the total economic value of Welchman Hall Gully, a tourist site which contributes in its own right to the economic prosperity of Barbados. The objective is achieved through the derivation of use and non-use values of the amenity. Despite its limitations, contingent valuation method (CVM) is of interest to derive such values. The data for analysis come from a well-crafted CVM survey. Using statistical tools and Tobit modelling, the paper finds that the additional annual use value could reach BDS$45,924.00 or US$22,962.00 and the yearly non-use value could be BDS$72,765.00. Taking the present entrance fees into account, the total undiscounted economic value of the site could reach BDS$289,289.00. Income size, love for the environment, gender and level of education positively affect willingness to pay for an additional entrance fee. Gender, age and membership in a non-governmental organization, sensibly affect willingness to contribute to a fund for the preservation of the site. The results of the valuation coupled with cost information can motivate the manager of the site in identifying policy or mechanisms by which the site can be maintained and/or improved owing to smart use of funds generated from the utilization of the site.

Keywords: Welchman Hall Gully; private provision of public good; environmental good; tobit model; contingent valuation method (CVM) (search for similar items in EconPapers)
Date: 2017-11-08
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Published in 49TH Annual Monetary Studies Conference, CCMF and Central Bank of Belize, Nov 2017, Belize City, Belize

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03944064

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