Dr. Paul Isely Seidman College of Business Grand Valley State University & Carrie Hause Elaine Isely.

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Presentation transcript:

Dr. Paul Isely Seidman College of Business Grand Valley State University & Carrie Hause Elaine Isely

 National Oceanic and Atmospheric Administration  Great Lakes Commission  West Michigan Shoreline Regional Development Commission  Area of Concern in Muskegon Lake  $10 million ARRA funding  Socioeconomic monitoring

 Hedonic Analysis of Housing Values  Travel Cost Study of Recreation Values  Contingent Valuation study of Use and Non-Use Values

 County assessor database  House characteristics  Sales information  AWRI shoreline inventory

Houses <100m from Lake not UsedHouses > 800m from Lake not UsedHouses affected by Lake Michigan not Used

LnPrice as a function or: Floor area *** Basement area *** age *** age ** Bear Lake.497*** Garage space.0562*** Industrial-.068 Stone.0529* Bathrooms.0606*** Yearsold SUPPRESSED District2-.24*** District3-.26*** Occupancy2-.18*** Occupancy NEIGHBORHOODSSUPPRESSED Distance Lake *** Ln natratio.0297*** Ln hardratio-.0532*** _cons10.7*** N934 legend:* p<.1;** p<.05;*** p<.01

 Mailed survey as part of a CV study  A little more than 15% response rate

To restore just 1 acre of wetland habitat in Muskegon Lake, 1 in every 300 households in Michigan would need to contribute $A to this fund. If more households contribute, more habitat can be restored. Given your household income and expenses, would you be willing to make a one time, tax-deductible donation of $A? _____YES_____NO

 Model 1 - $2.5 Million  Model 2 - $9 Million  Average $5.7 Million  Re survey occurring this year to improve sample

 Stated costs plus time cost  Calculated costs using mileage and normal expenses plus time cost  These were averaged together for the model estimations

Travel Cost Value in $ QuantityTrips

 Coefficient on TRAVEL COST is  Value of a single trip is 1/(-β TRAVEL COST )  Value of a single trip to Muskegon Lake is $27.77

?