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JOURNAL OF APPLIED BUSINESS AND ECONOMICS

Property Owners’ Willingness to Pay for Water Quality Improvements:

Contingent Valuation Estimates in Two Central Minnesota Watersheds

Author(s): Patrick G. Welle, James B. Hodgson

Citation: Patrick G. Welle, James B. Hodgson, (2011) "Property Owners’ Willingness to Pay for Water Quality Improvements: Contingent Valuation Estimates in Two Central Minnesota Watersheds," Journal of Applied Business and Economics, Vol. 12, Iss. 1, pp. 81 - 94

Article Type: Research paper

Publisher: North American Business Press

Abstract:

Improved lake water quality yields environmental benefits that translate into economic benefits.

This study estimates the economic value of these benefits by assessing the willingness-to-pay

(WTP) of property owners for restoring lakes in two watersheds in Minnesota using the

contingent valuation method (CVM). Alternative models generated a range of WTP estimates,

with the means for one watershed clustered in the $200 to $300 range, while the other watershed

ranged from $11 to $17. Differences between lakeshore and non-lakeshore property ownership

patterns, recreational use, and other socio-economic and watershed characteristics were

significant influences on WTP.