Environmental Economics

Field Testing Existence Values: An Instream Flow Trust Fund for Montana Rivers

This paper describes a theoretical framework for the comparison of individual responses in a hypothetical contingent valuation setting and a simulated market (or actual cash transaction setting). The total valuation framework includes both direct use as well as existence services. The model is applied to valuation of several instream flow resources for which the existence motive is anticipated to be significant. The payment vehicle is a trust fund that was set up through the cooperation of The Montana Nature Conservancy. To the author's knowledge, this is the first time a field test has been implemented to examine the validity of contingent valuation for measuring primarily nonuse values.

  • Keywords

    1. Benefits Analysis
    1. Benefits Analysis - Valuation
    1. Benefits Analysis - Valuation - Stated Preference
    1. Benefits Analysis - Valuation - Stated Preference - Contingent Valuation
    Environmental Media:
    b. Water
    b. Water - Surface
    Duffield, John W.
    Patterson, David A.
    EPA Project Officer/ Manager:
    Geographic Area:
    Study Purpose:
    Empirical Application, Data Development
    Inventory Record #: EE-0282
  • Participating Organizations

    Research Organization:

    Montana, University of,
    Department of Economics,
    Department of Mathematical Studies
    City: Missoula State: Montana ZIP:
    Phone: Fax:
    Funding Organization:
    Environmental Protection Agency, Office of Policy, Planning and Evaluation, Address:
    City: State: ZIP:
    Phone: Fax:
  • Report Details
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    Date Linked: 08/25/2017