Estimating the economic value of Mount Buffalo National Park with the travel cost and contingent valuation models

The Mount Buffalo National Park is the oldest national park in Victoria, Australia. There has been a rapid increase in the number of visitors to the park during the last decade and park management has been a concern, especially in the light of declining budgetary allocations and potential damage due to the increased visitor numbers. Policy options to increase park revenue remain unclear because of a lack of information on demand parameters and user costs. This study estimates the economic value of the park using the travel cost method (TCM) and the contingent valuation method (CVM). The TCM gives higher consumer surplus (CS) than the CVM. The CS shows that the economic value of the park is high and that there are opportunities to introduce innovative fee schemes to enhance its revenue. Present entry fee systems do not capture the economic value of the park.

If the price is right : vagueness and values clarification in contingent valuation

The use of willingness to pay to value the benefits of health care is increasing. Much of this work assumes that health preferences are well formed or complete and readily revealed if the right question is asked in the right way. We examined this assumption, seeking evidence in a mixed-methods study that explored the meaning and implications of vague responses to a payment-scale based willingness to pay exercise.

One-half of the sample said that their vagueness meant that their maximum willingness to pay was actually greater than the amount that they had previously said it was. Thirty percent agreed that they would probably pay £10 more than a sum that they had previously said they would most definitely not pay, if they found this to be the cost of the vaccine. Interview data supported the view that the payment scale had failed to elicit the maximum willingness to pay and that some participants used the information on cost to help clarify their values, in contrast to the theory underpinning willingness to pay. The results suggest a need to consider values-clarification in health economic evaluations. Copyright © 2002 John Wiley & Sons, Ltd.

Contingent valuation in health care and the persistence of embedding effects without the warm glow

This paper reports a test of the presence of embedding effects in a health care contingent valuation study. A within-subject, mixed qualitative–quantitative approach was used to identify and explain the presence of embedding in estimates of willingness to pay for vaccinations. Embedding effects persisted despite controlling for known causes and did so even among respondents who perceived the effect to be anomalous. Results from the qualitative interviews suggest that embedding effects arise for varied reasons but might be indicative of incomplete preferences. It is questionable, however, whether survey techniques can be better designed to encourage values clarification.

Research methodologies for planning ecotourism and nature conservation

Ecotourism is an important niche market in the world tourism industry. It is becoming increasingly popular as an alternative to mass tourism. The emergence of ecotourism was facilitated by the environmental damage associated with mass tourism. Ecotourism is defined in many ways and there is no consensus as to its exact meaning. However, a number of salient elements, such as environmental conservation, maintenance of biodiversity, a satisfying experience for the visitors, study and appreciation of nature and sustainable community development, are included in many definitions. Tourism creates negative environmental externalities in the form of environmental damage. Such adverse effects can have serious implications for the tourism industry because they damage the very natural resource that forms the raw material for ecotourism. Ecotourism ventures should thus be properly planned and implemented and carefully monitored. Proper planning of ecotourism is hampered by the paucity of relevant qualitative and quantitative information. The use of analytical tools such as the Contingent Valuation Method, carrying capacity, decision analysis techniques with which multiobjective and uncertain consequences can be analysed, and other management strategies, such as the Safe Minimum Standard, can be useful in enabling better planning of ecotourism. Ecotourism can thus enhance the opportunities for better management of natural resources while providing a satisfying experience for the visitor.

Estimating wetland values: A comparison of benefit transfer and choice experiment values

The main purpose of thesis is to estimate the value of the ecosystem services of the Bung Khong Long through two techniques. The per hectare value estimated by economic valuation method is US$ 976 per annum. MRA-benefit transfer approach produces values of between US$ 396 and US$ 1,369 per annum.

Evaluation of community participation for the development of culture-based fisheries in village reservoirs of Sri Lanka

In this paper, an attempt is made to identify the socioeconomic characteristics of a community that influence the development and management of culture-based fisheries in village reservoirs of Sri Lanka. Socioeconomic data were collected from 46 agricultural farming communities associated with 47 village reservoirs in Sri Lanka. Principal component analysis indicated that scores of the first principal component were positively influenced by socioeconomic characteristics that are favorable for making collective decisions. These included leadership of the officers, age of the group, percentage of active members of the group, percentage of kinship of the group, percentage of common interest of the group, and percentage of participation of the group. The size of the group had a negative effect on the first principal component. The principal component scores of communities were positively related to willingness to pay (P < 0.001). The communities with socioeconomic characteristics favoring collective decision making were in favor of culture-based fisheries. Homogeneity of group characteristics facilitated successful development of culture-based fisheries.

Stock-in-trade valuation in the United Kingdom 1840 to 1959

Commentators have made a number of unsubstantiated claims about why the lower of cost and market rule had become the accepted method of valuation. It is demonstrated that none of these explanations can be substantiated. Leon Festinger's theory of "dissonance reduction" is used to explain why the significant criticisms of the rule have been ignored.

Comparing churn prediction techniques and assessing their performance: a contingent perspective

Customer retention has become a focal priority. However, the process of implementing an effective retention campaign is complex and dependent on firms’ ability to accurately identify both at-risk customers and those worth retaining. Drawing on empirical and simulated data from two online retailers, we evaluate the performance of several parametric and nonparametric churn prediction techniques, in order to identify the optimal modeling approach, dependent on context. Results show that under most circumstances (i.e., varying sample sizes, purchase frequencies, and churn ratios), the boosting technique, a nonparametric method, delivers superior predictability. Furthermore, in cases/contexts where churn is more rare, logistic regression prevails. Finally, where the size of the customer base is very small, parametric probability models outperform other techniques.