IDEAS home Printed from https://ideas.repec.org/a/eee/jeeman/v122y2023ics0095069623000906.html
   My bibliography  Save this article

The charisma premium: Iconic individuals and wildlife values

Author

Listed:
  • Costello, Christopher
  • Lewis, Lynne
  • Lynham, John
  • Richardson, Leslie

Abstract

We develop a new theory of the wildlife-viewing value of particularly “charismatic” individuals in a population. In contrast to the existing recreation literature, which typically treats all individuals as interchangeable, we allow for heterogeneous charisma within a population, and ask how this heterogeneity affects each individual’s marginal value. We find that more charismatic individuals confer higher value than their nondescript peers, populations with heterogeneous charisma are more valuable than homogeneous populations, and populations with more heterogeneous charisma raise the value of their most charismatic individuals. These results suggest that traditional approaches to wildlife-viewing valuation are inappropriate when specific individuals within the population are singled out as being more charismatic by wildlife viewers. We apply the model to bear viewing in Katmai National Park, Alaska (site of the famous Fat Bear competition). We find that the most charismatic individual (“Otis”) is more than an order of magnitude more valuable than the median bear. These results have implications for government agencies assigning damage values when individuals within a population are poached or accidentally killed.

Suggested Citation

  • Costello, Christopher & Lewis, Lynne & Lynham, John & Richardson, Leslie, 2023. "The charisma premium: Iconic individuals and wildlife values," Journal of Environmental Economics and Management, Elsevier, vol. 122(C).
    • Handle: RePEc:eee:jeeman:v:122:y:2023:i:c:s0095069623000906
    DOI: 10.1016/j.jeem.2023.102872
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0095069623000906
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.jeem.2023.102872?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Gordon C. Rausser & Arthur A. Small, 2000. "Valuing Research Leads: Bioprospecting and the Conservation of Genetic Resources," Journal of Political Economy, University of Chicago Press, vol. 108(1), pages 173-206, February.
    2. Weitzman, Martin L, 1979. "Optimal Search for the Best Alternative," Econometrica, Econometric Society, vol. 47(3), pages 641-654, May.
    3. Ariel Goldszmidt & John A. List & Robert D. Metcalfe & Ian Muir & V. Kerry Smith & Jenny Wang, 2020. "The Value of Time in the United States: Estimates from Nationwide Natural Field Experiments," NBER Working Papers 28208, National Bureau of Economic Research, Inc.
    4. Pascoe, Sean & Doshi, Amar & Thébaud, Olivier & Thomas, Colette R. & Schuttenberg, Heidi Z. & Heron, Scott F. & Setiasih, Naneng & Tan, James C.H. & True, James & Wallmo, Kristy & Loper, Christy & Cal, 2014. "Estimating the potential impact of entry fees for marine parks on dive tourism in South East Asia," Marine Policy, Elsevier, vol. 47(C), pages 147-152.
    5. Simpson, R David & Sedjo, Roger A & Reid, John W, 1996. "Valuing Biodiversity for Use in Pharmaceutical Research," Journal of Political Economy, University of Chicago Press, vol. 104(1), pages 163-185, February.
    6. Mary P O’Malley & Katie Lee-Brooks & Hannah B Medd, 2013. "The Global Economic Impact of Manta Ray Watching Tourism," PLOS ONE, Public Library of Science, vol. 8(5), pages 1-11, May.
    7. Leslie Richardson & Lynne Lewis, 2022. "Getting to know you: individual animals, wildlife webcams, and willingness to pay for brown bear preservation," American Journal of Agricultural Economics, John Wiley & Sons, vol. 104(2), pages 673-692, March.
    8. Eli P. Fenichel & Joshua K. Abbott, 2014. "Natural Capital: From Metaphor to Measurement," Journal of the Association of Environmental and Resource Economists, University of Chicago Press, vol. 1(1), pages 1-27.
    9. Subroy, Vandana & Gunawardena, Asha & Polyakov, Maksym & Pandit, Ram & Pannell, David J., 2019. "The worth of wildlife: A meta-analysis of global non-market values of threatened species," Ecological Economics, Elsevier, vol. 164(C), pages 1-1.
    10. Richardson, Leslie & Loomis, John, 2009. "The total economic value of threatened, endangered and rare species: An updated meta-analysis," Ecological Economics, Elsevier, vol. 68(5), pages 1535-1548, March.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Costello, Christopher & Ward, Michael, 2006. "Search, bioprospecting and biodiversity conservation," Journal of Environmental Economics and Management, Elsevier, vol. 52(3), pages 615-626, November.
    2. Marcoul, Philippe & Weninger, Quinn, 2008. "Search and active learning with correlated information: Empirical evidence from mid-Atlantic clam fishermen," Journal of Economic Dynamics and Control, Elsevier, vol. 32(6), pages 1921-1948, June.
    3. Amy Craft & R. Simpson, 2001. "The Value of Biodiversity in Pharmaceutical Research with Differentiated Products," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 18(1), pages 1-17, January.
    4. Gnanaraj Chellaraj & Ramesh Govindaraj, 2002. "The Indian Pharmaceutical Sector : Issues and Options for Health Sector Reform," World Bank Publications - Books, The World Bank Group, number 15231.
    5. Simpson, R. David, 2002. "Definitions of Biodiversity and Measures of Its Value," RFF Working Paper Series dp-02-62, Resources for the Future.
    6. Anastasios Xepapadeas & Eva Kougea & Parthenopi Ralli & Sofia Spyrou & Nicolaos Stavropoulos & Vasiliki Tsiaousi & Athanasios Tsivelikas, 2013. "Valuing Services Emerging from a Gene Bank: The Case of the Greek Gene Bank," DEOS Working Papers 1307, Athens University of Economics and Business.
    7. Kassar, Ilhem & Lasserre, Pierre, 2004. "Species preservation and biodiversity value: a real options approach," Journal of Environmental Economics and Management, Elsevier, vol. 48(2), pages 857-879, September.
    8. Richardson, Leslie, 2022. "The Economic Benefits of Wildlife: The Case of Brown Bears in Alaska," Western Economics Forum, Western Agricultural Economics Association, vol. 20(1), May.
    9. Gollin, Douglas & Evenson, Robert, 2003. "Valuing animal genetic resources: lessons from plant genetic resources," Ecological Economics, Elsevier, vol. 45(3), pages 353-363, July.
    10. Sarr, Mare & Goeschl, Timo & Swanson, Tim, 2008. "The value of conserving genetic resources for R&D: A survey," Ecological Economics, Elsevier, vol. 67(2), pages 184-193, September.
    11. Gregory D. Graff & David Roland-Holst & David Zilberman, 2005. "Biotechnology and Poverty Reduction in Developing Countries," WIDER Working Paper Series RP2005-27, World Institute for Development Economic Research (UNU-WIDER).
    12. Baumgartner, Stefan & Becker, Christian & Faber, Malte & Manstetten, Reiner, 2006. "Relative and absolute scarcity of nature. Assessing the roles of economics and ecology for biodiversity conservation," Ecological Economics, Elsevier, vol. 59(4), pages 487-498, October.
    13. Wenjuan Cheng & Alessio D’Amato & Giacomo Pallante, 2020. "Benefit sharing mechanisms for agricultural genetic diversity use and on-farm conservation," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 37(1), pages 337-355, April.
    14. Gordon C. Rausser & Arthur A. Small, 2000. "Valuing Research Leads: Bioprospecting and the Conservation of Genetic Resources," Journal of Political Economy, University of Chicago Press, vol. 108(1), pages 173-206, February.
    15. Robert Innes & George Frisvold, 2009. "The Economics of Endangered Species," Annual Review of Resource Economics, Annual Reviews, vol. 1(1), pages 485-512, September.
    16. Simpson, R. David, 2002. "Definitions of Biodiversity and Measures of Its Value," Discussion Papers 10551, Resources for the Future.
    17. Romina Cavatassi, 2004. "Valuation Methods for Environmental Benefits in Forestry and Watershed Investment Projects," Working Papers 04-01, Agricultural and Development Economics Division of the Food and Agriculture Organization of the United Nations (FAO - ESA).
    18. Brander, Luke & Eppink, Florian & Hof, Christine Madden & Bishop, Joshua & Riskas, Kimberly & Goñi, Victoria Guisado & Teh, Lydia & Teh, Louise, 2024. "Turtle Economic Value: The non-use value of marine turtles in the Asia-Pacific region," Ecological Economics, Elsevier, vol. 219(C).
    19. Rausser, Gordon & Small, Arthur, 1997. "Bioprospecting with Prior Ecological Information," CUDARE Working Papers 198653, University of California, Berkeley, Department of Agricultural and Resource Economics.
    20. Simpson, R. David, 2001. "A Note on the Valuation of Ecosystem Services in Production," Discussion Papers 10832, Resources for the Future.

    More about this item

    Keywords

    Charismatic; Valuation; Wildlife population;
    All these keywords.

    JEL classification:

    • Q26 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Recreational Aspects of Natural Resources
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jeeman:v:122:y:2023:i:c:s0095069623000906. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/622870 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.