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- W83379419 abstract "Abstract: This paper addresses the question of whether the Hong Kong government made a rational economic decision when it decided to set aside land to develop a Wetland Park, or whether it should have used the land for alternative commercial developments. Different analytical methods are used to estimate the economic value of the environmental benefi ts of the Wetland Park: the Value Transfer Method is used to estimate the economic value of the ecological services provided by the Park, the Direct Market Price analysis for the economic value of the goods purchased in the Wetland Park, the Hedonic Housing Price Analysis for the value of the Park to those residing in its proximity, the Travel Cost and Contingent Valuation Method for the value of the Park to the visitors, and the Con-tingent Valuation for the Passive (Nonuse) Values of the Park. These benefi ts are compared to the opportunity cost of the land and the cost of running the Wetland Park. The article concludes that if a rate of 5% or less is used to discount future costs and benefi ts, we would fi nd that the government's decision to set aside land for a Wetland Park was economically sound, while using a discount rate of 6% or more shows that it was not." @default.
- W83379419 created "2016-06-24" @default.
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- W83379419 date "2008-01-01" @default.
- W83379419 modified "2023-09-27" @default.
- W83379419 title "Managing wetlands: an ecological economic analysis of the Hong Kong Wetland Park" @default.
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