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The Aggregate Economic Value of Great Lakes Recreational Fishing Trips

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Listed:
  • John C. Whitehead
  • Alicia Louis Cornicelli
  • Lisa Bragg
  • Rob Southwick

Abstract

We use the contingent valuation method in a survey of Great Lakes anglers to estimate the willingness to pay for a Great Lakes recreational fishing trip. Employing various assumptions and models, we find that the willingness to pay for a trip ranges from $54 to $101 ($2020). We then combine the willingness to pay per trip estimates with an estimate of the number of trips and find that the aggregate economic value of Great Lakes fishing trips in the U.S. is $611 million. We conduct a sensitivity analysis over the estimates of willingness to pay and the number of trips and estimate that the 90% confidence interval around the mean estimate of $632 million is ($182.5, $1,553) million. Key Words: Economics, Recreational fishing, Willingness to pay

Suggested Citation

  • John C. Whitehead & Alicia Louis Cornicelli & Lisa Bragg & Rob Southwick, 2024. "The Aggregate Economic Value of Great Lakes Recreational Fishing Trips," Working Papers 24-11, Department of Economics, Appalachian State University.
    • Handle: RePEc:apl:wpaper:24-11
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    File URL: http://econ.appstate.edu/RePEc/pdf/wp2411.pdf
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    References listed on IDEAS

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    1. Trudy Ann Cameron, 1991. "Interval Estimates of Non-Market Resource Values from Referendum Contingent Valuation Surveys," Land Economics, University of Wisconsin Press, vol. 67(4), pages 413-421.
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    3. W. Michael Hanemann, 1984. "Welfare Evaluations in Contingent Valuation Experiments with Discrete Responses," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 66(3), pages 332-341.
    4. Jerrod M Penn & Wuyang Hu, 2018. "Understanding Hypothetical Bias: An Enhanced Meta-Analysis," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 100(4), pages 1186-1206.
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    economics; recreational fishing; willingness to pay;
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