Edith Cowan University
Place of Publication
Perth, Western Australia
Faculty of Business
School of Economics and Finance
Economists implore the efficient allocation of resources. Paradoxically, where the issue of efficiency has become critically important in recent times, namely the allocation of the environment and its resources and amenity, the techniques of economists have been found wanting and less than fully developed. This paper seeks to address this apparent paradox and deficiency.
This paper provides an economic valuation of the Jandakot wetlands, located to the south of Perth. A referendum style contingent valuation method survey is used to estimate economic value attributable to the preservation of wetlands dependant on the groundwater resource. Event history analysis is explored and applied to generate economic value estimates using the data from the survey...