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The willingness to pay for reducing the harm from future oil spills in the Gulf of Finland – an application of the contingent valuation method

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Title: The willingness to pay for reducing the harm from future oil spills in the Gulf of Finland – an application of the contingent valuation method
Author: Ahtiainen, Heini
Belongs to series: Discussion Papers
ISSN: 1459-9996
Abstract: Oil transportation and other maritime traffic in the Gulf of Finland have increased rapidly over the last decade, and this development is estimated to continue in the future. The increasing volume of oil and other transport leads to higher risk of oil spills in the Gulf of Finland. The Gulf of Finland is an important area in the environmental and economic sense. An oil spill would cause harm for example to the nature and to the recreational use of the area. This paper presents the contingent valuation study that is conducted to elicit respondents’ willingness to pay for improvements in the oil spill response capacity and for reductions in the harm of future oil spills in the Gulf of Finland. The mean willingness to pay is estimated with two approaches; the Turnbull lower bound estimator and the logit model, and then aggregated to the relevant population. The Finn’s aggregate willingness to pay for reducing the harm from future oil spills ranges from 89 million to 330 million, depending on the used approach and on the assumption about nonrespondents willingness to pay. The results show that the factors affecting respondents’ willingness to pay are the offered bid, income, the perception about the effectiveness of the program, the view on the importance of oil spill combating and the distance of the place of residence to the Gulf of Finland. The results seem to indicate that the respondents value the nature of the area more than the recreational possibilities.
URI: http://hdl.handle.net/1975/1479
Date: 2007

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