Valuation of Recreation Infrastructure in Southern Windsor County Brandon Nye Sunpreet Singh Connor Turner This report was written by undergraduate students at Dartmouth College under the direction of professors in the Rockefeller Center. Policy Research Shop (PRS) students produce non-partisan policy analyses and present their findings in a non-advocacy manner. The PRS is fully endowed by the Dartmouth Class of 1964 through a class gift in celebration of its 50th Anniversary given to the Center. This endowment ensures that the Policy Research Shop will continue to produce high-quality, non-partisan policy research for policymakers in New Hampshire and Vermont.

Community Enhancement Environmental Benefits Economic Contributions Study Design Personal Value Community Enhancement Source: Adventure Time Pakistan Source: Town of Windsor Environmental Benefits Economic Contributions Source: World Wildlife Fund Source: iStock/Getty Images

Community Enhancement Hedonic Pricing Model – assumes improved scenery increases housing prices. 226 observations; Stata regression analysis RESULTS (90% confidence interval): Homes within two miles of Mt. Ascutney Park are associated with a 1.6% to 44.6% greater home value than homes two to five miles away.

Regression Analysis All Observations Lot Size < 5 acres Sold in 2017 Observations 276 Homes 226 Homes 75 Homes 2-5 miles away -.162 -.231* -.279* > 5 miles away .196 -.0374 -.268

Spending Per Visitor Night Total Visitor Spending Economic Activity Vermont Department of Tourism and Marketing 2015 benchmark report Visitor Category Visitor Nights Spending Per Visitor Night Total Visitor Spending Commercial Occupancy 281,680 $117.81 $33,184,721 Second Homes 78,756 $65.63 $5,168,756 Campers 5,515 $32.73 $180,506 Private Homes 78,748 $47.00 $3,701,156 Day Trip 24,714 $73.91 $1,826,612 Total: 470,000 $44,000,000

Environmental Benefits Value Transfer Analysis – using ecosystem benefit estimates (per acre) and applying them to a different target site. 5,710 acres make up Mount Ascutney, the Wildlife Management Area, and the West Windsor Town Forest $1,200 of ecosystem benefits per acre of forest land $6,800,000 total benefit estimate

Personal Value of Recreation Direct benefits of use (i.e. Personal utility, mental/physical health benefits, etc) Two valuation measures: Travel Cost Method and Opportunity Cost Travel Cost Method = Travel time and fuel costs Opportunity Cost = Time spent at the site Valuation of Mt. Ascutney and trail usage

Travel Cost Contributions Zone Travel Cost Estimate (Dollars) # of Visitors Travel Distance (Miles) Travel Time (Mins.) Distance Cost Time Cost Total cost/trip VT $259,619 7,159 154 182 $83 $41 $125 NH $240,138 2,759 142 242 $77 $55 $132 MA/CT $441,457 2,324 233 276 $126 $63 $189 ME $206,356 379 686 748 $373 $171 $544 Travel Cost Valuation $1,100,00

Opportunity Cost and Total Personal Value 14,130 visitors to Mount Ascutney in 2016 Spent two hours on average at site $13.74 is discounted average hourly wage rate in Vermont $400,000 is opportunity cost value estimate $1,500,000 is total estimate of personal value for Mount Ascutney

Cumulative Impact Valuation Category Value Added Community Enhancement N/A Economic Activity (with Capture Rate and Multiplier) $ 44,000,000 $ 39,000,000 Personal Enjoyment $ 1,500,000 Environmental Benefits $ 6,800,000 Total (including CR and Multiplier): $ 47,000,000 Total (without CR and Multiplier): $ 52,000,000