Browsing by Author "Loomis, John B., advisor"
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Item Open Access Accounting for spatial substitution patterns and bioeconomic feedback loops: an economic approach to managing inland recreational fisheries(Colorado State University. Libraries, 2011) Deisenroth, Daniel B., author; Bond, Craig A., advisor; Loomis, John B., advisor; Goemans, Chris, committee member; Davies, Stephen, committee member; Myrick, Chris, committee memberThis dissertation consists of three papers which address separate but related issues in recreational fisheries management. Paper one estimates the economic contribution of the private, recreation-based aquaculture industry in the Western United States. Paper two presents a method for combining models of site selection with input-output models in order to better estimate the true economic impacts of augmentation or deterioration of recreational sites. Finally, paper three presents a dynamic, bioeconomic model of a recreational fishery and uses that model to simulate what would happen over time to anglers and fish populations (as well as value to anglers) if fish stocking were to be halted at a single recreational fishery. All three papers are policy relevant today given the increased pressure from (and litigation filed by) environmental groups to reduce fish stocking due to conflicts with native and endangered species. Paper one explores the economic contribution of the private, recreation-based aquaculture industry in the Western United States. New sectors are constructed in IMPLAN input-output software using data gathered between 2007 and 2010 from producers and their direct customers (stocked fisheries). Information from a third survey of anglers in Colorado and California is integrated to predict the short-term shocks that would occur to various industries if anglers at privately stocked fisheries were to discontinue fishing (simulating a hypothetical collapse of the industry). Accounting for both the backward and forward linkages of the private, recreation-based aquaculture industry's production, model results indicate that for every dollar of fish stocking, $36 dollars of recreational angler-related expenditures are supported, and that the total economic contribution of this industry in the Western United States is roughly $2 billion annually. This is the first study addressing the forward linkages and total economic contribution of this industry in the Western United States. Paper two addresses a similar issue as paper one, but goes further to account for substitution patterns among anglers. Using information from a survey of anglers in 2009, a repeated nested logit (RNL) model of angler spatial substitution behavior is estimated. Then, the RNL is used to predict changes in angler days associated with changes in fishery attributes. By linking the RNL and input-output model, better insight is gained into the economic losses associated with augmentation or deterioration of stocked fishing sites. Results indicate that if a single site is closed within the region of analysis, of the 29,500 anglers that will no longer fish at that site, only 6,500 anglers will leave the region of analysis (the rest substituting to other in-region sites). Standard impact analysis would therefore overestimate the economic impacts of such a policy by 450%. Results are similar when catch rates are reduced by 50% at one site, with 14,000 anglers leaving that site but only 3,000 leaving the region. The third and final paper of this dissertation presents a means by which managers may manage inland recreational fisheries from a dynamic bioeconomic perspective. A discrete-time, discrete-space, infinite time horizon numerical model of a fishery is built in GAMS software to reflect responses of anglers to the fishery and responses of the fishery to anglers over time. A data-driven random utility model is used to inform angler response and value functions in this dynamic bioeconomic model. Results from one region in California indicate that a) current fish stocking levels may be inefficiently high, and b) elimination of fish stocking programs at popular lakes may not lead to a crash in fishery populations, since anglers will simply substitute to other nearby fisheries (rather than "fish-out" the lake). Managers who can predict the intertemporal effects of fishery management alternatives in this way will be able to better meet the demands of recreational anglers.Item Open Access Analysis of the impact on the stock market of chemical disasters: petrochemical companies in industrial complex in Korea(Colorado State University. Libraries, 2014) Eun, Sungtae, author; Loomis, John B., advisor; Kroll, Stephan, committee member; Iverson, Terrence, committee memberThe chemical industries in Korea have the industrial structure of a developing country focused more on basic chemical compounds and wider use of products rather than fine chemical goods. The chemical industry is composed of 10% knowledge (pharmaceuticals), 30% specialty (consumer products, agricultural chemicals, coatings, and fine chemicals), and 60% basic (polymers, synthetic rubber and fibers, basic inorganic chemicals, and basic organic chemicals). This study examined 18 different petrochemical, food chemical and steel companies with 26 chemical disasters. Capelle-Blancard, Laguna (2010) showed the problems related to providing robust empirical evidences on the stock market reaction to chemical disasters. This analysis which was based on using abnormal returns (ARs) and cumulative abnormal returns (CARs) concluded that chemical disasters like explosions, plant fires, and chemical leaks caused both negative and positive stock market reaction. Most of the companies that I tried to test the hypotheses showed negative ARs and CARs after the event as I expected. I thought that the effects on stock market reactions were different according to the type, extent, and number of casualties in the accident. When I performed the event study with the topic, I got the results from 15 cases of the relationships between the ARs or CARs and the extent, type, and the number of casualties. However, all of the cases did not show the same results. The 16 cases revealed that the degree of severity of the chemical accidents was not really related to the market reaction. The reason why the unmatched results arose was because of the exposure of the event information. Hamilton (1995) mentioned that the market is influenced by the leak of information. I have concluded that the relationship between the ARs/CARs and the extent, type, and the number of casualties are not seriously related to each other. There is a limitation to this conclusion because of the leak of information to the market (Hamilton, 1995). Korajczyk, Lucas, and McDonald (1990) mentioned the asymmetry should be of greatest concern to potential buyers of common stock. That means there should be a factor(s) affect(s) the market and its behavior. The country like Korea is likely to conceal or control the information of the chemical disasters. According to the Center for Occupational Environmental Health (COEH) in Korea, there was a briefing session in June 2013 about the current state of concealment of fires, explosions and chemical spills in industrial complexes at the congress. The statistical data investigation in the accident has a couple of problems. First, there is no report of the accident to local authority if the petrochemical plant doesn't have death casualties. Second, there are differences in the accident statistics between the central and the local government. Lastly, the classification of industrial accidents is not established precisely.Item Open Access Challenges and solutions in combining RP and SP data to value recreation(Colorado State University. Libraries, 2008) González-Sepúlveda, Juan Marcos, author; Loomis, John B., advisorValuing resources that lack a market could be a complicated endeavor due to the lack of appropriate prices. Non-market valuation methods have been the tools used to compensate for this shortcoming in the process of incorporating such resources into the economic analysis. Without these methods we would overlook the importance that such goods and services have to society and bias the related policy recommendations we present as economists. This dissertation looks at joining two of the most commonly used non-market valuation methods, namely, the Travel Cost Model (TCM) and the Contingent Valuation Method (CVM), and their application to valuing recreation in El Yunque National Forest in Puerto Rico. The combination of TCM and CVM in a joint estimator allows us to test the consistency between the two methods and uncover potential issues that each may be suffering from. The study finds that the geographical limitations of the study can cause underestimation of willingness to pay when using TCM. Furthermore, it shows that CVM can suffer from the same sampling issues as TCM when the samples are collected on site. Besides pointing out these problems, this work presents alternative ways in which they can be addressed. Finally, we provide another example that imposing a common underlying utility can significantly improve the joint use of these models.Item Open Access Examining efficiency gains through combining revealed and stated preferences, and issues related to scope with contingent valuation(Colorado State University. Libraries, 2013) Gebben, David J., author; Loomis, John B., advisor; Seidl, Andrew, committee member; Graff, Gregory, committee member; Goldstein, Joshua, committee memberAn increase in the statistical efficiency for non-market valuation techniques is often desired in order to narrow the confidence intervals and provide better policy recommendations for resource managers. This is important to assist the managers in conducting benefit-cost analysis for the scare resources at their disposal. This dissertation examines the gains that come from combining revealed and stated preference data, exploring how estimation techniques can reduce the variance of a WTP amount. This first parts of this dissertation looks at why resource managers would be interested in methods of combining Revealed and Stated preference data and measurement of the gains. One chapter does this by combining DC CVM with an MNL travel cost study. The following chapter examines the role anchoring can play in DB CVM studies for an onsite user of a beach resource. The final part of this dissertation studies the issue of scope in CVM studies through a meta-analysis. This dissertation finds that, in organizing the collected survey data, there are low cost methods to increase the efficiency of estimators that provide a significant reduction in variance. This reduction is critical for the resource manager wanting to examine if the project or policy would pass a benefit cost test. It also finds that the key factors necessary to reflect scope require more research with CVM.Item Open Access Household's willingness-to-pay estimation for safe drinking water: a case study in Vietnam(Colorado State University. Libraries, 2013) Khuc, Quy Van, author; Loomis, John B., advisor; Kling, Robbert, committee member; Goemans, Christopher G., committee memberThis thesis explores consumer behavior of households for drinking water by surveying and analyzing 235 households (HHs) in Hanoi and Hai Duong in the North of Vietnam, and Ho Chi Minh in South of Vietnam. Two classical methods have been employed, Contingent valuation method (CVM) and averting behavior method (ABM). Binary logit regression can help to identify internal and external factors influencing the decision of whether or not to pay for clean drinking water. In addition, the linear regression method allows to explore and to quantify the magnitude of relationship between the dependent variable and independent variables. Generally, about half of the households surveyed are willing to pay for better drinking water. Most of them are HHs living in two major cities, Hanoi and Ho Chi Minh City. On average for all of the sampled households, the value of willingness-to-pay makes up small percentage of household income, just 0.247% of total household income. The decision to pay for water depends on both internal factors: the level of education and awareness, as well as external factors: living conditions and existing water source. For those households that are willing to pay to get clean water services, income, and current status of water resources are strong variables. In addition, those households that are actively looking for information and learning related to water often pay a fee for water use. Different measures are practiced by HH's to prevent diseases caused by possible polluted drinking water. Of the five averting activities, boiling water is HHs' priority in rural areas due to low cost while buying bottled water is HH's choice in the city because of the convenience. Young people tend to use bottled water more than old people. Using a water filter increases amount of money they would be willing to pay for clean water, while income and habitat of using drinking water are also strong factors in determining willingness to pay a higher monthly water bill. This survey has compared two values: the value of WTP and the cost of averting expenditure (CAE). My results showed that WTP is not always greater than CAE. Empirical results have policy implications on drinking water price strategies and drinking water related projects investment in Vietnam. Policy-makers or planners should consider income, gender, level of education, existing water sources, lifestyles, and locale when making drinking water price strategies and water related investment.Item Open Access The economic benefits of off highway vehicle recreation in Larimer County, Colorado(Colorado State University. Libraries, 2008) Deisenroth, Daniel, author; Loomis, John B., advisor; Bond, Craig A., committee member; Kling, Robert W., committee memberThis thesis estimates the non-market benefits associated with Off Highway Vehicle (OHV) recreation in Larimer County, Colorado. We use a Travel Cost Model (TCM) and a Contingent Valuation Model (CVM) to estimate benefits to three different types of users: Dirt Bike Riders, All Terrain Vehicle (ATV) Riders, and 4-Wheel Drive (4x4) users. Using CVM we find the consumer surplus estimates to be between $87 and $207 per person per day, depending on model specification. This equates to a per summer per trail consumer surplus between $282,908.50 and $674,997.80, and a Larimer County OHV surplus per summer to be between $1,026,542 and $2,449,249. These results are consistent with previous research on OHV recreation (e.g. Englin et. al, 2006, Loomis, 2006). We also find that for our sample, the travel cost model does not find significance in the travel cost variable. We believe that this may be due to our open-ended travel cost question, or due to the fact that most OHV recreationists are traveling from the same area.Item Open Access The economic value of whitewater sports in the Cache la Poudre Canyon, Colorado(Colorado State University. Libraries, 2011) McTernan, James A., author; Loomis, John B., advisor; Goemans, Christopher G., committee member; Shields, Martin, committee memberThis thesis estimates the non-market benefits associated with non-commercial Whitewater Sports in the Poudre Canyon of the Cache la Poudre River. We used a Contingent Valuation Model (CVM) and a Travel Cost Model (TCM) to estimate benefits to all non-commercial users at two different river locations. Using CVM, we found the consumer surplus estimates to be between $55.36 and $93.36 per trip, depending on the model specification. This equates to a per season consumer surplus of between $596,283 and $1,005,581 for a 30 day season and between $1,192,620 and $1,917,894 for a 60 day season. For the TCM, consumer surplus was estimated at either $88.01 or $129.41 depending on the specification. This equates to ranges of per season consumer surplus of $947,956 and $1,393,875 respectively for a 30 day season and $1,895,999 and $2,787,880 respectively for a 60 day season.Item Open Access The impact of hydraulic fracturing on housing values in Weld County, Colorado: a hedonic analysis(Colorado State University. Libraries, 2013) Bennett, Ashley, author; Loomis, John B., advisor; Costanigro, Marco, committee member; Reich, Robin, committee memberOil and gas production using hydraulic fracturing has rapidly spread across the US and moved into suburban and urban neighborhoods. Proximity to residential areas has generated significant concerns by homeowners about water pollution, air pollution, aesthetics, and hence property values. However, the increase in drilling activity has generated sizable gains in local employment and a subsequent increase in demand for housing. In spite of controversies, there is almost no research evaluating whether proximity and level of drilling activity affects house prices on net. We apply the hedonic property method to a sample of 4035 housing transactions between 2009 and 2012 in Weld County, Colorado, the county at the forefront of oil and gas drilling activity in the state. Results across both the semi-log OLS and semi-log spatial GLS model specifications are consistent. While the count of wells being hydraulically fractured within a half mile of a house has a negative effect on houses in Greeley and other towns, rural households are statistically unaffected by the density of hydraulic fracturing in their immediate area. Employment in the oil and gas sector has a positive and significant effect on house prices in the full county and Greeley model specifications, but not in the rural model specifications. The overall lack of negative effect of hydraulic fracturing on housing prices in Weld County may be a result of the increase in employment associated with drilling operations potentially offsetting some of the disamenity associated with oil and gas drilling.Item Open Access Using the hedonic property method to value federal lands proximate to urban areas: a case study of Colorado Springs, Colorado(Colorado State University. Libraries, 2011) Ham, Charlotte, author; Loomis, John B., advisor; Reich, Robin M., committee member; Seidl, Andy, committee member; Goldstein, Joshua H., committee member; Champ, Patricia A., committee memberFederal lands provide public benefits in many forms from consumptive to passive use. This dissertation explores the relationship between housing prices and federal land proximity to determine if there are property price effects for homes in close proximity to federal lands by using multiple spatial econometric techniques and model specifications for estimating hedonic pricing functions. First, relative economic values are estimated for public open spaces in El Paso County, Colorado. Then, the sensitivity of the estimated marginal values of proximity to federal lands is examined by varying the scale of the analysis from global (ordinary least squares) to local (geographically weighted). Finally, marginal values for the characteristics of the land uses on a federal land are calculated to determine if homeowner's value alternate land uses differently. The results show that multiple scales of analysis and model specifications should be explored when evaluating natural resource trade-offs because marginal values for environmental amenities vary across the landscape.