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Estimating the value of natural resources under legal constraints: an application to marine resources in Sicily

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  • Pasquale Scandizzo
  • Marco Ventura

Abstract

In this article, we use the Contingent Evaluation methodology to develop an economic evaluation of natural resources in a protected marine area of Sicily. Assuming a nonnormal distribution for the ML estimation, the article shows that a variant of the stochastic utility model appears to capture well the dependence of the willingness to pay (WTP) on the socioeconomic characteristics of a sample of stakeholders of the natural resources in question. The estimates obtained are consistent and robust across different policy measures, no embedding or sequencing effects emerge and option values also appear to have been elicited in a consistent way. Once these values are added to the basic WTP, the income elasticities estimated fall in the range reported by other studies.

Suggested Citation

  • Pasquale Scandizzo & Marco Ventura, 2010. "Estimating the value of natural resources under legal constraints: an application to marine resources in Sicily," Applied Economics Letters, Taylor & Francis Journals, vol. 17(4), pages 317-323.
    • Handle: RePEc:taf:apeclt:v:17:y:2010:i:4:p:317-323
    DOI: 10.1080/13504850701735849
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    Cited by:

    1. George Halkos & Panagiotis Stavros Aslanidis & Angelos Plataniotis & Phoebe Koundouri, 2024. "Global insights on Sustainable Development Goal 14: Reviewing willingness-to-pay levels for marine ecosystem protection and conservation," DEOS Working Papers 2416, Athens University of Economics and Business.
    2. Tonin, Stefania, 2018. "Citizens’ perspectives on marine protected areas as a governance strategy to effectively preserve marine ecosystem services and biodiversity," Ecosystem Services, Elsevier, vol. 34(PB), pages 189-200.
    3. Baulcomb, Corinne & Böhnke-Henrichs, Anne, 2014. "A Review of the Marine Economic Valuation Literature 1975 – 2011: Classifying Existing Studies by Service Type, Value Type, and Valuation Methodology," Working Papers 190935, Scotland's Rural College (formerly Scottish Agricultural College), Land Economy & Environment Research Group.

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