Economic Values of Dolphin Excursions in Hawaii: A Stated Choice Analysis
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Abstract
This study analyzes individuals' choice and the implied economic values associated with spinner dolphin excursions in Hawaii based on a stated preference survey. A mixed error component choice model is used to analyze respondents' preferences. Respondents are found to be highly heterogeneous in their choices depending on both the observed and unobserved individual characteristics, while the derived marginal values are also moderately different across respondents. The results of this analysis have implications for dolphin excursion operators and for policy makers managing Hawaii's ocean resources.