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- W2155604936 abstract "Improved lake water quality yields environmental benefits that translate into economic benefits. This study estimates the economic value of these benefits by assessing the willingness-to-pay (WTP) of property owners for restoring lakes in two watersheds in Minnesota using the contingent valuation method (CVM). Alternative models generated a range of WTP estimates, with the means for one watershed clustered in the $200 to $300 range, while the other watershed ranged from $11 to $17. Differences between lakeshore and non-lakeshore property ownership patterns, recreational use, and other socio-economic and watershed characteristics were significant influences on WTP. INTRODUCTION AND BACKGROUND Restoration of impaired waters is gaining increasing attention across the United States, and from the State of Minnesota. Improving the quality of impaired waters will yield environmental benefits that will also translate into economic and social benefits. The estimation of the total economic value of these environmental benefits is the objective of this study. This study analyzes all components of public values by assessing the total willingness-to- pay (WTP) of property owners for restoring water quality in impaired lakes within two watersheds in the Upper Mississippi River Basin of Minnesota. While the two watersheds are located in the Upper Mississippi River Basin, they are distinctly different in terms of their physical, ecoregion, hydrological, and limnological characteristics. The lakes selected are the Sauk River (also known as the Horseshoe) Chain of Lakes, located in the Sauk River Watershed, near the City of Cold Spring, Minnesota. The second lake-watershed system is Lake Margaret and Gull Lake, which are part of the Gull Lake Chain in the Crow Wing River Watershed, near the City of Brainerd, Minnesota. Estimating the total economic value of improvements in public goods, such as environmental goods and services, requires a method that utilizes non-price (non-market) data. A stated-preference estimation technique known as the contingent valuation method (CVM) is utilized to estimate the WTP of property owners for water quality improvements resulting from reduced nutrient loads, particularly phosphorus. Contingent valuation employs a survey that describes the prospective policy and its effects. The percentages of respondents favoring the proposal at different household costs provide information on how much households value the changes, if at all. Logistical regression is utilized to relate the percentages voting YES with the household costs and other variables. Economic theory suggests the level of support should vary inversely with the costs. The results are consistent with these economic principles. Censored" @default.
- W2155604936 created "2016-06-24" @default.
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- W2155604936 date "2011-02-01" @default.
- W2155604936 modified "2023-09-24" @default.
- W2155604936 title "Property Owners’ Willingness to Pay for Water Quality Improvements:Contingent Valuation Estimates in Two Central Minnesota Watersheds" @default.
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