Estimating the Economic Value of Improved Trout Fishing on Wyoming Streams

Abstract

Economic information that can be used to determine which management alternatives best meet public demands within limited budgets is important to resource management agencies. The objective of this study was to generate estimates of economic benefits of improvements on Wyoming trout fishing streams that could be used to evaluate different improvement projects. A mail survey was conducted to determine characteristics and preferences of anglers fishing Wyoming streams, and the contingent valuation method (CVM) was used to estimate economic benefits associated with fishing under improved conditions. Questions were associated with fishing for any or all trout species an angler might encounter on Wyoming streams. Benefits of improvement were based on CVM questions involving a hypothetical doubling of the chance of catching a large trout and a hypothetical increase in trout populations. Tourist and resident fishing license subgroups also were analyzed. Anglers in the tourist license group traveled long distances, spent more days fishing per trip, and had higher incomes than resident anglers. Consumer surplus estimates for the complete sample were US$101/d for increased trout populations and $132/d for doubling the chance of catching a large trout. Benefits for the resident angler for the large trout improvement and the population improvement were $87/d and $64/d, respectively. Tourist angler benefits were estimated at $227/d for the large trout improvement and $131/d for the population improvement. The results of this type of study can be used within a framework of net present value to evaluate and prioritize potential improvement projects.

Notes

² Measures of consumer surplus can come from Marshallian or Hicksian measures. Hicksian measures of consumer surplus are deemed to be more accurate than Marshallian measures (Randall 1987). Contingent valuation methodology is used in this analysis, which estimates a Hicksian measure of consumer surplus, also known as net willingness to pay.