AN t~VALUAT[QN OJ:' O\VNBR-P ROVJP ED SERVICES

* ChristoplH .. ~r G'un and Tony Zwarturo Lecturer and Professor, rcspcctivctYj Department of EcoI1omics and Marketing. t.;incoln IJnivcrsitYt Cltntcrbtlty. New Zmtland, andftJanc L.uzar is Associate Profcsz.;()f, Deportment, .of Agricultural Economic.'i nnd Agribusiness, Louishmu Agricultuml Experiment Stalion, Louisiana Stutetlnivcn;ity Agricultural Cctl,t.l'r. Louisiann State University t Bnlrm Rouse I l..ouisiana

IlHOONlC ANAttYSJSOr~\VA~rl~Rl~O\VL 'llllN'l'ING'L(~ASE Af~rR(ntm~J~:

ANI~VA1JOAlrlON()l1 ('\VNt~R"'l!ROVU)t~l}SI~r~,vrCl?.s

AtlSfl'RAC~r

'111C t<lleof ()WHef"providcd ticrv'ices in rC'C"'bn5cdr~crc\Hi()llUCecssiQ cv~duatcd for the en;se of

wutcrfowl huntitlg. A ll(~donic framcw(J,~k is used lonmtlyze and I;~NtinliltO: the it.npUcft llriccof

fiomc watcrfbwl hunting 11.'!nso attributes. A m~tU surVcjf n{ l.iiOuiilinna \vntcrfc)\.vl hotltcrn provjdc~

pt'imary dum t'ni' l~s1im~\fi()nof the hcdmlicpr'ice 1110{{~1 specified in scmi«lng (u1'lctitmul fnrm.

111ewdlingness:~to"pay functions n)r ii1crca~cd acreage per hunting chtlJ mcntbert incnmscdtcnsc:

lhllC1 ~u)c1 tnwQl distancQ arc also empirically cstirnatedt prnvidinginfonnaHotl(m thciOlplidt

demand for thusc lease chnractcrisUcs.

l(r~Y'VORns!

llcdonicl~V'atQtfn\\'iHunting* OuCd(,()r R,~c(cntion

llHO·()NIC ANAL/\'SISOI? '\VA.1~£J~1~O'yt~UlJN'rlN (ll~1~AS1~. Att~11~lJJlY.rlfS!' J\N :,i?tVAlJl.lA'rlONOl?(>\VNl~R-..Fn,():VIUEn Sll,RVICt?S

~valu¢sof 'lhoaHtibut¢s nr(!obtaincdbydirrqrctlth~tillgthe 'hcdonleprit'c'.fu.nctiott 'wIth ,respect t(>

cachnl.tritmtc U:rccmnn. 1919: :McM ilJntlctnJ. l 19801~

I'fhcllCdotllc price 'P1Qthndhos bc(}.na.ppli~d to,\vndlJfo.tc\otcdrcct'cotionrQsourac$ (Pope

and Ston~ 1s)85: l~i'vcngt){')tI~1983; p()~ct ol,,! t984;nnd M.cssontlicrandLuu1t, '.1990) ..

ngricuhumlcotlli1lOditlcs (Ilrt'u1Icllelal.. 1894: Ethtidgcnnd l)av'is,. 1982; ~vnSont 1984).'t ;lr'ld

r~~ldcnlialamctliti~slBlomq.ui~ ~nd \V,~rh.lYt 1981; MCt\1iUtUlcl. ,at, 1980;\VnteclaJ., 1979;.

and~1n(ln :0\'n1q 1 984:t ) • Other UppHctlH()fls hnve :hl:vnhrcd thccslioltulonof tJu~bcnefitsor

cuviromnentul 'in~prt)vcmcnts(Frc<:m~m'f 1979; l310mquist and \V{}ilcy,:t981;llanisonand

:Rubinfdld1 1~)!71;andl\·1c~1iUanet uL t 198m" \vhich inehldc the complete. two ... sfagehadonic

anntysis. "1110 fir~t stage :invol\"e$C'~til1laling tim ullplfcilprico function for ngoodtsattribqtas.

The itl\'ert\c demand fut\ctt<)n for .a chnr.JctcrisHc {')f interest isc.~lil11atcd in it ~ccotldstngc. by

f~~gre~singindjviduaJ household marginal wUiingne~~"t.()"pay on tne level of thcchnractcdsticuIld

ntll(~" househ()ldcharactmis1.h:s hypotll('tsized to affect demand.

':I'bi's lltlnlysisuscd the heduniepricc -H1cthod loampiticaJly cvahmtc the contribution or

o\vllcr;..providcd scrviccstn the value of a "ratcrfow.llntJlting le.(15C iJlt.ouisialUl:. Qwncr~proyidcd

f\orvic,cs 6S welt us other .ehuraclcristJCfi ()f waterfowl lca~es 'veto 11.:n)oth~1Ri'Zed to influence the.

price. pnid for the t~axc. 'Vithin tim hedonic framework. this am,lysIs involveo rcgtcssi.ng

observcd market twiccs paid for wntcrfclwl lmming lenses against those clnlmctcristics of nlcasc

hypothesized to be dct(,~nlliflant$ of the price paid. Attributc~ cho~cn ((;)1" this nnaJysis

characterize waterfowl lenses in terms of habitat. distanet\ length of lC;lSC.,(Ulcl by services

'provided by the landn\vncr. Auribtaos hypothchiz(?d 10 c.~ontributo to the \~alu'Q of a wo(cri<'lwl

'hunting lca~c iIlcluded lease ncr~agc per tncmhcr* numbor' of years leased, distance from the

buntar*shomc to tll(,~ lcusci1 binary variablc&roprcscT1tlng the habitat tYPOt (coastal nmtsht

3

imprOVClllcntb\'mds,· lX)at l\\tlJlchl, . Ot'. Un biHty.insu.mncc.

llJ

ImpUcltly .. the Jll("Jucl for 'the h~,d~)tli¢pticc 'iUtlctiOJiWnS Sl)¢(:in~d .as:

f trMPR()Vf£, l3f .. tNJ)S, IJl\Nl)PRl~P:1 lIAUrrA1". NONCON.t

A CPl~RMU!.r\~~OISfrANCIZI :LttASlSYRt<i)

UvlPRc>VE {+} ;; {)ummy ftw landowner'provided acc~ss itnprovcmontsj, 1 n~ provided * 0 ofhcr\vise

tANDPRBP (+)

NONCOM (+)

t.1!ASr~YR (+)

llABITA"r (4<)

Dummy fa.-Iandowner provided hunting blinds or phs; 1 ifprnvidcd, 0 otherwise

J)urnmy fot land()wm;~r pl'ovidcd land prepurnHon or fl()()dingi ] if ptovidcd, 0 otherwise

Dummy for a.vailnbility of nonconsumpti'V(lleasc uses (cg., wildlire viewing); 1 if nvailnblc t 0 otherwise

Years tho land hnR been lensed fot\valerfowl hunting

Dummy for waterfowllctlse hnbitnt; '1 if conslJIl tllursht

o otherwise

grror term

ilpriorl hyp,')th<:!scsUI'1! hldicntcd by (+) ~U1d ( ... ) in the above ~pecificutioll,. Greater

acrcngcpcr hunter on nlcnsc\vas hyp{Jt.hcsi~cd t() anow club members to reduco the congc~Holl

they mi,sht face on smaller lenses ot leases with high membership telative to the lcmi(~d land

area. Availubility of ultCtlln1ivc,. nnnconsumptiv uses of the hunting lense sprcnds the usc of

thclpase b(!yondlhc very lhnttctlwat.cf~f()wthun.ting seaSOn. ltwns thereforct hy}>othcsized.lhat

aSacrcage 'p¢r huntcrhlctcnscdan(l th~ tWlliJ Roll Uyovothcr' rlOtlCOnSUtnpUveuscs 'wasexhibitecl;

tcasepd('!c :pt:rtllCOlbcrwouldillCtenSC" 1)uo to 'travcleosts, .it: is traditiooally hypothesizod that

~sdis:tanco: from tbehuJncr'~homc 10 tho lease IJlcrcaSc<I,hmscpncc' ShOidd decteaso.

:Howcv(!r,. :ihthc 'vcryspccinUzcd¢ilseofwaterfO\vl hunting. :ilWas, hypothesized that hunt.ers

wonld pnya prcJnium for l·emotc\Vnterro\vlbcar.i.ngb~\bitat. st1ggcsttng n.posiHve relatlotrship

uctweenprlcepcrmcmoorand distance. Although migrnto.ry "watcrfo,wlcnn be fotmdina

variety .ofhabitnts; lncludingbottomlandhardwood forosts, constql Jl1ntshcs.itll;;u\d 'Wetlands,

and agricultural croplOtlc.i,fiome 'habiHHs offer 'supcdorueccssw l{nbitnttypo:, in this

spccifit"1tion) constal marsh, was hYl')othcsi.zcd to positively influcncu price pnid pCI' n1ct·nbCr' (or

wateITowllcilscs.Landowncr provision of amcnitiesa.ndsorvicc",c; was hypolhe.~izcd to increase

the value of a leasll. 11u;'lretorcl cO.cfficicntsoC,'utinblos. representing lU.J1downcl"pr{,)vidcd land

preparations,construe-Honof blinds or pits, <WtICCCSS .improvcmcn.ts (bont lnunch or roads) were

expected to exhibit po;.,itlvc signs. Although landowner provided sc,ntic($ were hypothesizod to

positively contribute to the value of a\v,rtcrfnwl lease, nn alternative hypothesis suggc~ns that

specinlized walerfowl hunters would prefer to lcas~act'cage \vilhmlt landowner prov.idcd

.improvcmcnts and through. timet ,add their own pn:~forred lcascaUdbut~s. 11tc numbor of year:;

that land had bcenleased for watnrfowlhunti.ng was therefore hypothesized t(') b(~ positively

ussociatcdwith the value ofo wnterfowl1ca~e. Itl this case. owner provided scrvicesmighl he

viewed as inconsequential or intrusive by long term lease members.

5

P~itaiCollccU()l\ l'a'o¢(!d 1,l1'~

Data forcrnpi.rical Qstimulion or '(h~CCQllOJtlic :illo<lclwctc:collcctcdthrough '.~ ulail

sUfVcyof·1,024 ()fthe {>S,tOOOjnolvidutt1s,whol)(1fchilScd duckstaml's sOUIby the LoulSiann

Dcphttnlcnlof\VildlifeamiFishcdQs fOl'thc: 1990 .. 1991 "Nntcrn,wl :hunting sc~son.l]~he· final

response talc for the survo)i'\vhich wasconduc(cdusing tIn.l iDinm~ln 1.11(al ))cstgnMclhod

(x)Hhllt'Ul, 1978) was A7 percent, ()r3;319 usablorcsrx:ulscs.DaItrfor lhis~Hlalysrs come from

a subsaml,lQof thi.s data ;comnriscd nf therMO walctfowlhwl{ursWhoil1dicatcd thoyleus\ildhmd

1n. touislnn:l ,(m'··wnt.i,1rfowlhuntlns 'durlngthc1990",1991wu(crrt)wl hunlhlS' seaSt)ll.

~n,c: .HUn SUli):'cwelicitcd illfotmnUmt fl"OfllNhUl11) duck pur.chnscrstcgardirtg physicnlnnd

btolt')giealch~rnctcrlstiC's or thetcnsedhlnd; sCt'Viccs nml facilitios tl.ssQclatcd\vhh the lensa,.

hunthlg l1otivIHcs,ond '$Ocio'"CCnlH1.mic nHt'ihutc~ of the r~spondcrHs. l)~lhl rcqllirCtl1CnlS or the

hypoth~sirtcdccoJlomic model rC'~uhcdinu radw:tion of obs¢rvnUnns to n usnblc snmple: size or 418 waterfowl hunters. 11ntn for lhif\ ~uhsamplc indicalcthat atypical\vntcrfo\vlluilsc hnd21.9

mcmbct.~ whoh:mscdn.t1 nverage (if 1 )409 Ol'i(OS, Hunt(llliWhn l~nscd pnjdnnnvcrngt1ol" $4, '195

fot the cnUre lonse, and ,(1rt averago, had lensed th~ land for ()\'.er 12 YC;lfS. '111cavcragQon~

'way travel dist.nnec lathe hm.l.io\vo$ 53.2 miles.

I!mpidcall!1sthuaU()ll.s

The CC()Jl001ic modct specified in l1]wa~ cs~itnalcd using SAS ilUd data frnrn the

watcr(o\vl hunting StlIVC~l. Ecmmmic thcOl'Y offcr!i little guidance \viO) respect 10 the clmkc of

funcli<mal fnrm fnr the hedoniC" (~quntkm (Fn:wmnn, l(79).\Vhilc catHer hedonic studIes used

linear apc<"ifications, recent irwostigntitms aimed at identifying m(')rcappr()pt'iat(.~ ft1.l1ctionul

spccificaJions have indicated the supcriotity of fic>.JhlQ forms (Coopm' Cl aL, 1987: .Mih:m Cl n.l.,

6

tl111rglnnl :\\rUlirlgm$S40,.payforull hoU~choldScotlS(lmjhg thcgQod (FrcctllnoJ 1979)~ This UOC$

ootallow for Un1 idantifica.tioh ·ortho der-nand schcduJe fot tho nltdbute lllqucstiOrt~U1d~lso

igtlorcs lhcpossibility Hun demand for the audbute may . ben ftlncu'onof Hslcvcl as well as the

levelef ()thot aurlbutas. Jil thccnS\,lof: 'no!l"linoat spcclficaHmls'j the first <;lcdvat,lv'c or the

hcdmlic pdcO' function 'with fQSpcct to the spcciricd~lttrihtlle yi.olds the Implicit marginal pdco

of the fiudbutc (NtcMilhm el aLl 1980),

to hct1sed ill hedonic regressions. it can be argued thul the trnll};rormntionwhich bost: fn~ Um

data is preferred. An ompirical search for alternative funct.kmnl forms indicated thut the semI-log

fu.ncHonal form yIelded thc best fit for this spcelnc~Hirm. Results (Jf the empidcnl.($timation of

the hedonic price function will, only the dependent variahle., PRICt~, ](')~gcd arc presented in

Table 1., The: H, .. square valucprcscT1tcd Is comparable to thnsc of simihlfcross"scctimral studies

(Mossonnict and 'L.uzar, 1990: t~iycngo{)d .1983: Pope and St{)lt I J (85) " At the fivo percont

level of confidence, Hcres per member', distancc. nonci.1nsumptivc uses of the kmsc. and hnbitat

\Vetp found to he significant c()lltrilmt()rs to the value ()f a Louisiana watCI,rowl hunting lease.

The nUfnbct of !lcars leased \\'as ~igJ1ificat1t at the len pcrecnt confidence level.

impr>()YCI11cnts Wet'C not found t.o significantly contrihute to the vaJuo of n L.ouisiannwntcrfowl

hunting lease. and in thl,,~ case uf ac~~c!)!\ improvemonts had an inverse rclationship with kmse

pdce. ']11050 l'C~ults tend to suppnrt the hypnthc~js thut WtHOl'rowl hunters prefer leasoR offuring

adequate acrc.agc p(~r member (lO\\'Ct" c()ng(;\s(inn) in a porticuJa.r hnhitnt that: they can lcn~c over

,.., I

apcril1d otycnrsf ln1hisCllVil~onm~iH.\Vut(Jrr(,fwl: huntcmmtty be suhstlt:tltfng their Qwn itl})lnS

illto.lhcproducliottofhtlJ1ting nccc..I'oi." t~lthctthnnrHly In tho,tlmrkct for OWllor l,roy{dcd s¢rvic~~~

1~hqidcnlificd ll~d()ntc 'price fUt'~}t.lon wnsncxt dtff(!fcnJinled . with (lSpcct to

ACPt~RMt~M,l)lS'rANCI£f and I~EASIlYRforonchhouschold~ 'I1mso dadvnUvc:s .• when

¢vuluntcd at cn.chhnuschold·s .h:.wclof theiHtdbul(!S, prov.fde un c.t{linmUofldf the housclmld's

mnr&hlt\llmillieit\\'illingm}s!\.;ttl"'pnyn)rlhps:~ n.Ut~ibu(os. DiffcrcntitltlOJl()t (he runction~<itlmatcd

by t.he llcdmlic rcgrc5sionwith rcspc~t. to the sck~cl(.ld uttdbutcs rORultS' in the '?CC1()fSO(

Individual •. n1argimd implicit prices given by:

t2J

13l

[41

;PAI1Af; ,,;,O.OOO51c ;t(~f7a .•• 07tjl1NaNC(1Nt .~. Q.@51I.Crew..mM,

p DJS~().OO50e 46418 ' o 79J1NONCONf 4() 0050WS1:iNCP.

~rhC' t()$ulting vectors (,r pr.k~cs wcn~in turn rogressed on l'ligninc~mlnu.rlbutcsf ACPl~RMt~M,

tJlS·rANCrr.~nnd l.r~ASgYR and thrct~ dummy varhlblc~ fmHclHingthJ'cc .incnmt~ levels. It wus

assumed in Ihis:malysis tho.t du~ to the short-run. ctr)SS"'5(;~(~ti{)nnl nulUrOtlf tho data, the supply

of l(!ilsitblc hunting lund 'was fixed thCflJby elinunaHng .identif.tcntion problems. 'ljl0impticil

specification forastimaHnn ()f these invcrt-ic demand functions. is given .as:

[5)

[6}

Ii}

PAPM

PDlST

PYI~ARS

f(ACPgRl\11£\11 rncn IINC )MEUfNC. LO\VINC. c}

f'(DISTANCEl IHGIllNC ~ MHD1NC. LO\VINC\ c)

f(l~EASgY.R1Ul(lr nNe. MEDINC f 1.()\VIN(\ c·,

Acr·t~lllVIUM (+,1

PDlstr

nlSTANC1~ (+)

lUGl11NC (+)

11BOINC .( + )

-"'. Mnr~innl hnplicitprica of.ACl'>t~itMlUvl

ACt'csoflcnscpcr clubrncmbcr

Yoursfho hmdhas bt1(;m lc .. \scd fo.rwuJcrfowthunting

Dunlmy for highincnttlc level: 1ifal least $~15,OOO pet yonr~ 0 nthcrwisc

Dummy for mediulll 'income level; 1 if $25 t OOO 10$4·1 f 99~) per yeur, 0 otherwitio

Dummy rm· low income lovel: 1 if $2,(t ,99901' less p~r yt~tu·. OoUlcf'wiRC

demand shifters. Using ivlgl)lNC us the btlst~ Im:mmt level, higher income levels would he

('xpoctcd to shift demand nUi'wnrd. whil~ lmvcr income levels ~wcrc expected 10 shift demand

.inward, RCStlHs nf Ilwsc e~timutions arc prcsmltcd in 1'ablc 2. 1110 attr.ibutes ACP[~Ri\1gM'.

L.T£ASgYH. find DlSTANCr~ am !.;igllificnnt at the five percent c(lnfidC'rlC{~ level. as\vcll as

dummy vndahlc~n!prc~C'nting low incnn1c and m~dium income (imcrccrH: terms). Taking tim

anti .. tog of these functions yields the following relationships:

(8}

(8)

[9}

(}

~l1,cct)lpidcal tclntit1uships dcnnc~dhy lht~se hnpHdtpdc¢5 tltld incotnc lcvclssuggost lhat these

nUdbutt!s of w~tcrf()wlhuntinglQ(tRcs. ute lc,~s rcsponslvo Itlil1cotnc.chnngos thuns()tl)cot.hQt

forms or hunting rccrcntitm, including ({cet' hmlUngnml stnnll gnrllQhui1ting(Lhlangood j 1983;

lv{cssomticl' and l~uzarl 19(0). ,Vutof.'fowl hturthlg.h(t~cvol\'cd as tt spaclnlizcd.olttd<mr

tcct~ntj()Il(\ClhrHy dL\"~lct(H'ited by participanlswitl1 lulnHvQly high income levels (\Vcslcy*

1(87), Inctcnscd NPCCHtHt;otim\ in ouldoOl' r'cct"cnti<lnand the rchHivut.y highiilcomc levets (l(

wutcrft)wlhuntcrs may influenco tht;1 dcmnnd fnr lease audbut<:,St ineJuding owner" pn:Jvidcd

SUtnlllnry nnd Conclusions

''l'he recreation t1'(lnd ()fincrcnscd spt~cintizntinn c(~upl.cd with c(mditimts of rastrictive

ucccss due to rt~snUJ'ce availability (including rcgulntnry ro~tricU(ms and lUlbiftH availubllity)hllvo

reduced tho number Qfwnt.er*rowl hunters nationally. '\Vattwfowl hunters who lUlVO rcmain<!d

with the sport ()ftcn rcsOlit{) fec ba:;cd tlCCCSS U) habitat at n relatively highc()s1pOr member.

Lnndowncrs recognizing the nHCrt1.nllv(~incomc opportunities nssociilled with leasing land for fcc

based walorf()wl huntillg acccms typicaJJy have IHtlc .information UpOll which to base decisions

regarding the bundle {)f gem]::; l(} pl'Qvidc hunters.

'nlishcdonic mmlysis of ()wncr~pftlvided SCf'vicOR f()t' wnttwfnwllcnsing suggest.s that

\vmorrowl huntc~ will pnl' to reduce congestion nncrcm~c o,~rCR per member). nnd for primo

hnbitut (coilstnl mnl'sh) and nrc wilting to pny the incronsN:l travel costs associtHcd with these

lense nttl'ibu1CS. "nli::; ann lysis ais() St1.ggcsts thut L,<1uisinnn wntc.wfowl huntcr~ ate not willing to

pny for ownor"prnvidcd impr()v(Hmmt~ such os duck blinds ()r boat htunchos but would rnthcr

sub~tiWto thl~il' own inputsovcl' on r.:<l(ln(h~d leok'lc pcrind. L,and()wn~rs t\s n rc~mlt may avoid

c"onl1y Im11fovmm:mtN to tlWlt' lund andinsle1ld offer lmlg('r term lcm;cH.

10

T41blcJ. P~ce r!XIllatiollEst.hlli~tCS! . Hcd<mIc ,PriccIYl'odcl Of Louisiana \Vatcr('owl H unting L~1sc.~,1990 .. 91 \VatcrfowlHontillg:Data~1I .

Vadablc

l>RICE (petmcl11bcr)

DISTANCE

Ii\1PROVE

LAND PREP

l\1ARSH

NON CON

LEASEYR

IN'rERCBPT

0.00051 (2.302)

0.00501 (2.159)

.. 0.3415 { .. O.7'J.7}

0.39707 (0.695)

2.27021 (1.930)

0.79315 (2.289)

O~01843 0.480).

4.6478'1 06.8461

418 0.38

VadablcMciln

451.296

138.320

53.253

0.050

O.O~16

0.004

0.064

12.947

t .. vnluos in parentheses. Critical t .. statisticsat 1ho 1%, So/f). nnd 10% lQvcls tirO 2.326, 1.645. nnd 1.282; respectively.

11

Tll.ble2. nCUltlndE<lUt\UOn l,f..,~ttn1atCS,!. ll'cdoilic l)riccM<ldclott..outsi:Hl;l;\Vatcl'fowl Huuti'ngJ.i~'l.~~~!·1990"91 'Vn(crr()Wllh~lltiUgn(lt~.1I

Vnria:blt C()cflieicuth Varinbl~ Co<:rn<:itut,c; Vadnhl~ Coc(nci~n~~ M¢:iU" M{~:Ul~

ACPltRMEN 0.000081 13R.3Z UO.109)

trw\S}~'{R O.Hl2491 12.9/t (4,170>

t.1)ISt O.OO4a10 (S.256)

H1GJUNC O.nnt2:!7 n4~)4 (L19f)576 OAB4 0.02.4041 (0,'114) (OA~4) m.lS1}

LOW1NC O.Z8Z:!O.7i O"l~h 2.:!lJ5i'6 U.156 0,626810 f1.004J {l.()Ol} {l,651}

IN11!RCEP'f n.OC)lS7Cl 0.310 1 Ji61841 0.3tO O.660!)OI «".188) (4.1701 (5.·459J

n 418 41H 418 W' OJUVi O,!in!~ n.3H1'

T .. vahlOS hlparcnthc~cs 11cdot1i~!prjcc fUllction dirr..1rcnUatcd witli respect to: ACPEH~1EM Hedonic price function diffcrcntlntcd with respect to LHASBYl{ llodt:mic price function diffcr'cmiatcdwith .respect 10 IJlS*I"/\NCH

12

VnthdJl(! Mtnll<l

53.35

O,4S4

O.lSn

0.,110

Allen, 1~.J.'t'I).R. Smith. u.nd A~ ,r""~rtisc. RCftll')rfJJ.ifU1J'~"'J,;it!a~S:l)ts.,J;,mulftjr,lIuuliltlll!cti\~ftlcsand Olh,~r OUltlimrl~t.~en.~tlti()n It{.~Uvlti,w.C.H.S 'W*.V*U.", :t\-1orgnnt.pw.n", '\Vcst Virglnia* 1985

nr,')mqui,sti , ,and t., \\~odcy* jtl!t,~dtlrtic ,prices. ,t)cmnnd forUthanllouslng AJmm,ilicsand 13cnent Itstinuncs~·~ Jaunutl t~rUdmlt ,l;ctJIwm f~"~J9H 98n:,212.~2a:L

!Ut'nr~Cll, ;a~ \V~.,\V. It (irnnt.:lndt\1. l~. nistQ:f:. f·Allcd'mlic P.ie¢~1od.(!1 for RougltRicc 13id/A:cecJ~taftCc:lvtarke~<;. I' jtJlterh~(11tJ(}UtIlQft!rJ\tjn7t;·ulll(t'111~~c.oI.w,nfe .. ~.()6:2.,(1984): l56 .. 16).

:Cooper,,, . ~1, 1>+'1L,.~ 11. ,:Oeek;., and '1<. l~" M·~Cnf:nlcU. "Ofllhe' Choicc ofPutle'tirma t ,l;;brol.,for l'lcdonicPdt1c t:unctlcmR. 1I Resources ft1r the :J?Ul\.u~'e l)iscu}\~jnnPttp~rQH8i"08.\V·ashhrgtml~ DC~n~StlurClls ((It> the r:~1.tun~l' 19870

Bthrldgc" I). ami It t)av1s.nH,(.~df)nie :Pricc: r~~th:l13tjon fnr Comnlodtti~&; An A,ptlUea:tion H' °Co1t(m:,t'niwtt~I'I1 .. 'mU'Jhll I?f A .. f!.ficuiUll'¥li H",'dfUUni(;s:" ?:;HlfJ~21·29J .. 30().

'Prcemnrh ,1\1. 1\. tlre B(7/Jcllls t~llftJn/'fmmeUli11 lmpl,urf:llu"wIS. \Vahl1iugtnn., l).C.: ResourC~5 fot' tlmP~uturC't 19;9.

{lnlichcs., Z. ~,ed. Prb .. :t,.' 11l11t"J.;l;,W alkIQUt~H{t~ Ch<lfIxu.~.~S1.tl4'ii{,"s ttl ~",~w Aferluu.l(q/ ;\f(!flRU1~(}'lm.'Jtt. C'tln1btidgc l ~'f~1~5: IJ:atvard Prt~5.*'f 19i1.

lrards~')tl~ !l .. :and D." t. ... Rubinfctd. uHl~dmlicH()usingPri\:cs,and 1l\t't1emand ft)r Clean .Air. *1

JllUlllalo/.l:in'il l1lmU?1ttl:d' l':.(·mwmi(,~s dltd' .UutUtgtwt1hlIU" 5U (78)'~' 81" 1 OJ.

lleYW{1OdtJohn l~.r~p{;~riencc' llrcrctcnccsofP~lt'tidpants ini),.ffcrcnt Types of ;Rh~cr Rccr(!attt,n (iroup:s"fI lmtrilt}:/ (~r l",Cl:WH'e .RC'st~(Jrt.,.·ll, 1 ~}':.lll98iJ: 1 ..

Lancnst~r I :K. J. 11 A Nt.:'\v Apl)r~')ach \()Ctmsum:cr "':T1wory," Jlmrlt~i,l t!f P(tllti~~(d l£i~()lum!~ .. f4:ZU96tlL Ll.1 .. 157.

Lhtmgofxl* K. R. t'VttlUQ Uti .rjarrte ftnm Nta.rk,et~ thr Ihml'in!; L(.'a~cs;" "'}11l-' H(~dmdc A.pproach,it t .. ,/1lfi Hf.:mum:i,'s, 59~JU98J); ,JSi,~291

Mcl'vHUan. 'ld. L .• n.Cl. I~~i(t~ uudlJ. \V, (lill(ltl. "An E;x;fCn~intl .of thl~' U'ed('mit~ Apptnnch for l~~\imating thQVatuunfQuie1.'· I",utti .l!"'(;~mltlm it';;'. 56; .10 9~0): J 15· iZft

1,3

f\1e.~sollni(,lr.,Mnrk, l"".nnq, l~. ,JUJle: [jjuz~r., ~I A llcdonie Analysis ,,)r,tlrivnla IltmUng l..tUld Auributes UsinS (m Alt~,t'm\tive J~\inetiotlal f';orDl. ttSfmtltcl1l Joutiifllnj it~~riculturi~l itcanomics. ,23(1990): 112 .. 111.

~1U()ni J.\\faHy. )oJlnthanGrcssclt .tlndDav'id Mutkr.y. 1fll'cd.otlic Anlcnity Valuation Ulld

rt tmellormlP"ollll Spcclfj,cntioll, U 1~(wdAf::mwmte.~ .. 6O::i1(1984)t 3'i8~387.

I)\)l~. C. A~.nnd .LIt Stoll. n1fJ11C l\1~rkct VuJue llC'lng.mss Rigll~~, f()r\\fhitc,.rfaitco. DCt'r Hunting in 'texas. u~l\)tmthcnt Jhunml l?f l\,qric.uUulrd B1:mmlm'~s~ '11: 1 tt gail; '171·:182.

Pi11~i:. C .. A.~C. B. Adams. ,and J.K. ~I'l('n'os. ,u~111C'.:Rccl~~li{)nnland 'Ac~thQtic Vnlua inC \VildUfc ill1"u~ilS. iI JaunmltlJLclwlrt~ R£!sCtu:c11. Hl:lU9841:51,·,60.

R:t)scn~ $,.ffllcdoniePri(.i-'!:S ,and Inlpli(~it 'Mtlrkcts: :ProductDiffcrent; JtmnU1.t t1 Palil'it:(ii.l£emunt{p. 82: 10 9841·; 34~55.

Rubonfeld} '1:'.1... tlVottng nt~ll.n,vior m.a IJ)c:at SetHmlHlcction~ A rvu~~ro An.alYfitS.n 1'1tc Rcw'ew i.!f r~¥r;omm.tl~l~ t1W.t S/~:lti$.lic.~. .59;,1 n 917); $0 .. 42.

Schreyer, IticllQ.td~ 'David wt• t .. im~. itmd Onnlcl l~.\ViUi.ams. "Characterizing the Inl1u:ence of Pnst t~,~peric.nC'c on R"ere~lUnnnl Hoha1dnr. It J(mnul:Jt~f l*el:~ur(!RC"\('tln;.:l1. 16:1' (1'9S4): 34~50.

Sh~.rifftS..i ... tCI 0,1. f'h,lls,S(Jmi·s l...and<}\\fncrs: Ilow 111.t~)~ PCl'('t~ive lhe 1ntl:){lr1aneeof ·\VUdlife. tl

in Trill1."'(l(.:tltm.t.; t~fll1t.:~ ;\ 'iuth Amcrft'cw Ittil(flfj(.~ tW,d ,\\mllnl Rc .. \'(Jurf.~{~S (lJl~f,lNmCt! + 46: (19811" 118 .. 134.

\\'csb;j~* l)~lvid It I'S('~"'ioduC'kt)ll\)mies. u l'atuil1g n/il~llbf{:;' 1~'t,"11JUJmic' fwd StU:itll Pe/~p'1.ctil"CR. I)anici J, Decker and (h~!~y R, C;nff (eds.lt·n.outder~ C~)'Jorado:\V(~stvicw :Pt'C~s, 19.87: 1216 .. 142.

'VUSOll" \V .\\7. ~lll~dtln.tc Pric~.jn ·the ~1alting n,adcy 1\1nrkcL ~l ntc~'ltcnl ..It'J:UI1Ut/ ,t~f Agl·I,~u.ltunli Ect:Jfmmic;f;. 9:Hl984l:;l9 .. 40.

'VWe. A .. D. t It.J, Sun1kn, and It .rZrcksnn. nAn f.~<;timalcnt a Stn~clund Hcdmlic l:)rie~Nlod~l of the Houhing rv).arkct: Art J\.})11IiC(ltirmnt Rost'u's "l1lcot)' nf hl1l)licit i\iaJ'kcts. t~ l~l,,·'(JIUJme.trit:t1,. 41:!HIQi9}~ 1151 .. 1111

14