Abstract
This study estimates the economic values of wetlands services in the Central Rift Valley of Ethiopia. A choice experiment valuation method was used to quantify monetary value of wetlands. The study used data collected from 405 households complemented with data collected using Participatory Rural Appraisals. Multinomial logit and random parameter logit models were used to analyze the data. The results have demonstrated the economic values of wetlands in the study area. Households ascribe the highest value for biodiversity (marginal willingness to pay value of US $1.26 per percentage of biodiversity conserved), followed by water availability (US $0.87 per ha increase in open water surface area). The statistical inferences, however, showed significant heterogeneity among households in their preference for wetland management alternatives. The probability of choosing improved wetland management is significantly reduced by age of the household head and distance; while, it is increased by education, income and location. The finding also revealed an average and aggregate willingness to pay of US $7.5 and 694,141, respectively, for a change from status quo to high impact improvement scenario. It is, thus, recommended to take rehabilitation and conservation measures to ensure sustainable use and management of wetland resources in the area.
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