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

The authors of this book examine the costs and benefits of the 1972 Water Pollution Control Act and suggest that the public may be willing to pay for the preservation of environmental amenities. They provide measures of nonmarket benefits and empirically test the willingness of households to pay for improved water quality.

Format: Paperback / softback
Length: 184 pages
Publication date: 18 December 2023
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 incurred by the Water Pollution Control Act of 1972 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.

Their findings reveal 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. Furthermore, the authors calculate average amounts households are willing to pay for improved water quality, with the aim of enhancing their enjoyment of water-based recreational activities. Without this type of information, it becomes exceedingly challenging to allocate sufficient resources for the preservation of unique environments and the rehabilitation of those that are experiencing degradation.

In conclusion, this book serves as a valuable resource for policymakers, environmentalists, and individuals interested in understanding the complex relationship between water quality, economic development, and social well-being. By shedding light on the nonmarket benefits of improved water quality and advocating for the inclusion of preservation values in decision-making processes, it contributes to the ongoing efforts to safeguard our natural resources and ensure a sustainable future for generations to come.

Weight: 340g
Dimension: 230 x 148 (mm)
ISBN-13: 9780367169282