Economic valuation of attributes of Lake Tana: random parameter model

The general objective of the study is estimating economic value of Lake Tana attributes using stated preference method of valuation in general and choice experiment method in particular. The target population was households who live around Lake Tana. The study has identified four attributes of Lake...

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Autores principales:	Asmamaw Getnet, Tefera Berihun Taw
Formato:	article
Lenguaje:	EN
Publicado:	Elsevier 2021
Materias:	Attribute Choice experiment Lake Tana Random parameter logit Willingness to pay Science (General) Q1-390 Social sciences (General) H1-99
Acceso en línea:	https://doaj.org/article/54ba0094521c4cf3aac8994a0887adb0
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spelling	oai:doaj.org-article:54ba0094521c4cf3aac8994a0887adb02021-12-02T05:02:49ZEconomic valuation of attributes of Lake Tana: random parameter model2405-844010.1016/j.heliyon.2021.e08356https://doaj.org/article/54ba0094521c4cf3aac8994a0887adb02021-11-01T00:00:00Zhttp://www.sciencedirect.com/science/article/pii/S2405844021024592https://doaj.org/toc/2405-8440The general objective of the study is estimating economic value of Lake Tana attributes using stated preference method of valuation in general and choice experiment method in particular. The target population was households who live around Lake Tana. The study has identified four attributes of Lake Tana (Water quality, fishery, irrigation, and recreation). The study has formulated three alternatives in which two of them were improved whereas the one is the status quo. Each attribute has three levels. The study has surveyed 238 households which were selected using multistage sampling method. Each respondent was presented with eight choice sets. Each choice set has three alternatives including opt option. The study has employed random parameter logit model for data analysis. In line with this model the study has conducted the extended random parameter logit model. The status quo (ASC0) is negative and significant both in random parameter logit model but positive and insignificant in extended random parameter logit model. This means that households have preferred the improved situation of the Lake Tana. This indicates that households are willing to pay to improve the current situation of the lake. Random parameter logit model shows that all improved attributes have positive sign and significant at 1% significance level. This means that improved situation of attributes that are identified by this study improve utility of households. Government should protect Lake Tana from any problem by raising funds from households since households are willing to pay to improve Lake Tana's attributes.Asmamaw GetnetTefera Berihun TawElsevierarticleAttributeChoice experimentLake TanaRandom parameter logitWillingness to payScience (General)Q1-390Social sciences (General)H1-99ENHeliyon, Vol 7, Iss 11, Pp e08356- (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Attribute Choice experiment Lake Tana Random parameter logit Willingness to pay Science (General) Q1-390 Social sciences (General) H1-99
spellingShingle	Attribute Choice experiment Lake Tana Random parameter logit Willingness to pay Science (General) Q1-390 Social sciences (General) H1-99 Asmamaw Getnet Tefera Berihun Taw Economic valuation of attributes of Lake Tana: random parameter model
description	The general objective of the study is estimating economic value of Lake Tana attributes using stated preference method of valuation in general and choice experiment method in particular. The target population was households who live around Lake Tana. The study has identified four attributes of Lake Tana (Water quality, fishery, irrigation, and recreation). The study has formulated three alternatives in which two of them were improved whereas the one is the status quo. Each attribute has three levels. The study has surveyed 238 households which were selected using multistage sampling method. Each respondent was presented with eight choice sets. Each choice set has three alternatives including opt option. The study has employed random parameter logit model for data analysis. In line with this model the study has conducted the extended random parameter logit model. The status quo (ASC0) is negative and significant both in random parameter logit model but positive and insignificant in extended random parameter logit model. This means that households have preferred the improved situation of the Lake Tana. This indicates that households are willing to pay to improve the current situation of the lake. Random parameter logit model shows that all improved attributes have positive sign and significant at 1% significance level. This means that improved situation of attributes that are identified by this study improve utility of households. Government should protect Lake Tana from any problem by raising funds from households since households are willing to pay to improve Lake Tana's attributes.
format	article
author	Asmamaw Getnet Tefera Berihun Taw
author_facet	Asmamaw Getnet Tefera Berihun Taw
author_sort	Asmamaw Getnet
title	Economic valuation of attributes of Lake Tana: random parameter model
title_short	Economic valuation of attributes of Lake Tana: random parameter model
title_full	Economic valuation of attributes of Lake Tana: random parameter model
title_fullStr	Economic valuation of attributes of Lake Tana: random parameter model
title_full_unstemmed	Economic valuation of attributes of Lake Tana: random parameter model
title_sort	economic valuation of attributes of lake tana: random parameter model
publisher	Elsevier
publishDate	2021
url	https://doaj.org/article/54ba0094521c4cf3aac8994a0887adb0
work_keys_str_mv	AT asmamawgetnet economicvaluationofattributesoflaketanarandomparametermodel AT teferaberihuntaw economicvaluationofattributesoflaketanarandomparametermodel
_version_	1718400709106335744

Economic valuation of attributes of Lake Tana: random parameter model

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