Chapter Approaches to Leisure Valuation

Embed Size (px)

Citation preview

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    1/40

    !"

    #$%&''()

    *

    "

    #$%&''(

    $( +

    ,$!(

    $-(

    ,!

    ,.

    ,

    )

    !*!.

    %&/012+

    34$%&5&(

    !)

    +

    )

    6

    !7

    !!

    !

    *

    ,

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    2/40

    88

    !+

    !9

    ,

    )

    : ;- $%&'

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    3/40

    !$%&'A(

    ,,!7

    2.$%&5'(

    !,

    !

    *

    9!

    $9 %&'/( ,

    )4$%&50(,

    , ) ,

    ,

    $

    (

    BB*1+C6*;@6C%.C6CDD

    9,!,

    ,

    !

    EF

    )!!

    6

    , :

    G,

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    4/40

    7

    ,)

    )!

    *"#

    ! H

    ,

    $34

    %&5&(9

    )!

    C ,

    =

    I

    -$($( >

    6

    6

    +

    6

    !

    )

    +

    +G

    3 Several state-of-the-art textbooks have been written in the last two decades on both valuation approaches. Mitchell

    and Carson (1989), Bateman et al. (2004), and Carson (2007) provide good options for the stated preferenceapproach, while Bockstael and McConnell (2006) and Herriges and Kling (2008) summarize the revealed preference

    approach adqequately. Markandya and Richardson (1992) and Champ et al. (2003) synthesize both approaches into

    one book.

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    5/40

    $(

    ,

    !

    !

    6!F

    +

    $%&/5("J

    #?

    )

    "#"# !

    9

    *!

    )

    )

    *

    ! (

    $%&5A(+ $%&5>(

    G

    )

    !H!

    $%&5A(3

    !

    9

    +

    !34+$%&&%(

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    9/40

    !

    ,9

    ,,

    *

    !

    2$(

    .3$%&&>(.3$

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    10/40

    $%&&K(4$%&A'(H

    ,

    C

    +

    *

    .

    :

    ,

    ,.8

    8

    6$%&5A(

    8

    G

    !!

    7C

    ,

    C

    + $%&&K(

    @.34$

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    11/40

    2 9 $%&&A( !

    !

    ! !

    *

    =$

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    12/40

    !G9,

    ,

    .

    2:9$%&

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    13/40

    ,,'=

    !G,

    $

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    14/40

    EFG

    +! !

    2 3 $

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    15/40

    !4!

    $

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    16/40

    ,

    !

    $

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    17/40

    ,6

    $,

    ( = $%&&&(

    !$%&&5(=$%&&&(=

    + 6 * ! $%&&5(

    ;$

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    18/40

    9$

    92($9)(

    3!4 $%&5'(

    $%&&>( 5*

    ;9$%&&&(

    )$%&5>(

    ;4!,

    ,

    ,+.$%&&0(

    ,)

    92

    9292

    ,,

    )

    7

    *,

    9929)

    G

    ,4

    9

    ,

    $(=

    *

    ,

    9)92

    9)92

    ,

    8 The National Oceanic Atmospheric Administration (NOAA)-panel (1993) was brought to life to reach some middle

    ground between all of the, at that time, existing studies using the contingent valuation method, to collect at list with

    do's and don'ts. An example is the type of elicitation a researcher preferably uses.

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    19/40

    .$%&A/(

    :,$(

    /

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    20/40

    ) .$%&&%(

    929)!

    124.$%&&%(

    $

    9)(!

    )9

    ,$%&&%(!F

    .

    $%&&%(9)

    !

    +F

    .6

    $%&5A(EF

    ,

    )92

    *

    4 $%&5A(

    929)

    929)

    !

    6

    6

    3 4 $%&5&( $%&&K(

    -$/(

    )/

    !

    3

    4$%&5&(

    9;9$%&&&(

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    21/40

    !

    BB*1+C6*;@6C/.C6CDD

    , ) 3 . $%&&&(

    $

    !

    (9

    , $

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    22/40

    *92

    92

    $%&&A($(

    !

    :.$%&&/(

    ,

    !$%&&(

    92*

    %00

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    23/40

    $

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    24/40

    H"

    #

    ,

    )2$%&&/(

    ,

    !,

    !

    8-

    48888

    !

    $(

    !

    ! $3 %&A>( 4

    -

    4!

    > - ,

    !

    ,.

    $;=

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    25/40

    !

    %&50=.$%&5(

    !

    *

    @

    ,,

    !

    -.$%&5/(

    ! C !

    %>)!

    $6@3($=%&K&G3%&A>(%/

    -

    4!=$%&''(

    $.%&&&(4!

    )

    F)

    !

    !)-$%&&/(

    )4%K= $

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    26/40

    C!

    C!!I-

    !*!

    -

    4

    )3$

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    27/40

    4,,

    7

    ,,

    .

    +

    *

    +,

    )

    ,!

    +

    !

    %'3-7$%&&K(!

    !

    G

    )- $%&&5(! ,

    @3$%&&A(

    ,

    %A )

    G

    3 $%&&&( + $

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    28/40

    %5

    6

    , , ! )

    4!.$

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    29/40

    .

    ,,

    +

    ,,

    ,,

    .)-$(R.$

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    30/40

    9S

    6

    6

    ! !

    R

    +

    4

    !!

    9$

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    31/40

    4

    C$

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    32/40

    14

    !

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    33/40

    ,

    ) ,

    G

    *,

    )

    3$

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    34/40

    ,

    ,

    !

    )-92!39URR=$%&&5("+##$#%50$%('/AK

    )-9RR=U39$%&&/("4#$%%

    &$'(%&A'

    $%&55("3#,%'/$%(A

    4:33=3R;9)6UR$

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    35/40

    S##$#%'%$/(&

    !29)-R+39URR=$%&&'(")#%%%5$>(K>

    C$%&''("C#H.CR%-6?R.@2>%/

    R2R2U=7$%&&&("C##$#%5%$K(%%%5(A00/42)RU4$(#!+

    4+$%&&&("C,H4#,%AK$%($%(AK%0(/IU+3$((&K%%00>;462)U9:+$

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    37/40

    .4UC340/7!CC

    .:U3$(>>.93$%&&&("9#HR.U4

    $(0CC.1:$%&5&("IH#

    $#%/0$>(>'%A/.1:+3U6C9$(")##$#%AK$>('0/%%

    .RU4=$$%(

    :UR=$%&&

    3)U43!$%&&>("C!!#HR)./)1./($

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    38/40

    =R)UR+$$'(%%/''%

    3-3UR7$%&&K(":!H.#,%A%$/(K00%K

    34CU*C+$%&&%("3H##$#%'>H%%K>K'

    3:$%&A>("4,#H2M$(2%)2%0K/(//&KK66;UR).$%&'A("

    #)+%./&$%A/

    +.1C:4U4C9$%&&A("+#,%A>$A

    U3$

  • 8/2/2019 Chapter Approaches to Leisure Valuation

    40/40

    #$%%&K>$("CC@+#4)%%K5

    69);U=1$$'(>K5'%L=$%&&A("H

    #,4"(>A$