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Assessing the economic value of protecting artificial lakes

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  • Halkos, George

Abstract

This study examines the current and potential economic value of an artificial lake aiming to explore the factors that affect people’s willingness to pay (WTP) for its protection. The WTP was derived from a face-to-face survey of 564 residents and recreational users of the Plastira’s lake, one of the most important constructed wetlands in Greece. We find a higher WTP of individuals towards the lake’s functions and their desire to prevent possible diminutions of its total economic value and we show that the most important variable is pro-environmental behavior. It is also found that respondents have different behavior for lake’s economic value according mainly to their origin (residents or recreational users). Using adequate econometric models to take into consideration the protest answers, we find changes in the influence of the explanatory variables compared to the usual simple binary model formulations. With the help of principal components analysis, four factors are extracted (water use, production, flora and fauna and quasi-option values) and their influence on respondents’ WTP is explored. Demographic variables (like income, age, gender) together with the extracted factors have a strong impact on the decision of individuals to pay as well as on the specific amounts stated.

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  • Halkos, George, 2012. "Assessing the economic value of protecting artificial lakes," MPRA Paper 39557, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:39557
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    2. Halkos, George, 2013. "The relationship between people’s attitude and willingness to pay for river conservation," MPRA Paper 50560, University Library of Munich, Germany.
    3. Anastasia Gkargkavouzi & George Halkos & Steriani Matsiori, 2019. "A Multi-dimensional Measure of Environmental Behavior: Exploring the Predictive Power of Connectedness to Nature, Ecological Worldview and Environmental Concern," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 143(2), pages 859-879, June.
    4. Halkos, George, 2012. "The use of contingent valuation in assessing marine and coastal ecosystems’ water quality: A review," MPRA Paper 42183, University Library of Munich, Germany.
    5. Halkos, George & Matsiori, Steriani, 2014. "Exploring social attitude and willingness to pay for water resources conservation," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 49(C), pages 54-62.
    6. Halkos, George & Roditi, Kyriakoula & Matsiori, Steriani & Vafidis, Dimitrios, 2018. "Socioeconomic aspects and characteristics of small-scale fishery in eastern Mediterranean Sea," MPRA Paper 85221, University Library of Munich, Germany.

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    More about this item

    Keywords

    Artificial lakes; contingent valuation; WTP; total economic value;
    All these keywords.

    JEL classification:

    • Q50 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - General
    • C24 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Truncated and Censored Models; Switching Regression Models; Threshold Regression Models
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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