Economic Benefits Of Improved Water Quality: Public Perceptions Of Option And Preservation Values

The authors of this book argue that the costs of the 1972 Water Pollution Control Act may exceed the benefits and provide measures of nonmarket benefits of improved water quality in Colorado's South Platte River Basin. They empirically test and confirm the Weisbrod and Krutilla proposals that the general public may be willing to pay for preservation of environmental amenities and that option value and other preservation values must be added to recreation-use values.

Format: Hardback
Publication date: 30 June 2022
Publisher: Taylor & Francis Ltd

Until recently, it was widely accepted that the investment required to improve and maintain water quality brought about economic and social benefits that far outweighed the associated costs. However, there has been a growing sense of doubt among certain observers regarding whether the costs associated with the 1972 Water Pollution Control Act truly outweigh the perceived benefits. This book aims to address these concerns by providing insights and solutions to the questions that have been raised.

The authors of this book examine the nonmarket benefits of improved water quality in the South Platte River Basin in Colorado. They employ empirical testing to support the proposals made by Weisbrod and Krutilla, which suggest that the general public may be willing to pay for the preservation of environmental amenities. Additionally, they incorporate the concept of option value and other preservation values into the calculation of social benefits, providing a more comprehensive understanding of the societal advantages of environmental preservation and restoration.

Through their research, the authors make several noteworthy findings. Firstly, they demonstrate that even individuals who do not anticipate utilizing the river basin for recreational purposes are willing to contribute towards the maintenance of a natural ecosystem and the passing on of clean water to future generations. This finding underscores the broader societal value of environmental preservation.

Furthermore, the authors calculate average amounts that households are willing to pay for improved water quality, with the aim of enhancing their enjoyment of water-based recreational activities. They argue that without such information, it is unlikely that sufficient resources will be allocated for the preservation of unique environments and the rehabilitation of those that are experiencing degradation.

In conclusion, this book offers valuable insights into the complex relationship between water quality improvement, preservation, and economic and social benefits. By examining the nonmarket benefits of improved water quality and testing the willingness of the public to pay for environmental preservation, the authors contribute to a more informed understanding of the importance of environmental stewardship. Their findings have the potential to shape policy decisions and encourage greater investment in the protection and restoration of our natural resources.

ISBN-13: 9780367019419