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Abstract
We report results from contingent valuation studies in each of two Tasmanian fisheries
that estimate the value of a day’s recreational fishing. Published studies estimating the
economic value of recreational fishing in Australia and New Zealand are limited,
although the economic and social benefits associated with this activity are sizable and
the importance of understanding the behaviour of recreational fishers for the sustainable
management of aquatic resources is well recognised. In our contingent valuation
surveys, we use a double-bounded version of the dichotomous choice question, which
improves the statistical efficiency of the estimates relative to those based on a single
dichotomous choice question. We test and control for response bias, in the form of
anchoring and a shift effect, that may occur in data collected using a double-bounded
dichotomous choice (DBDC) elicitation format. We highlight the importance of identifying
and correcting for response bias in DBDC models on a case-by-case basis. Our
estimation results show that there is no significant difference in the willingness to pay
for a day of recreational fishing across individuals who caught different number of fish
in either fishery. This suggests that high and low catch fishers placed the same value on
a day’s fishing.