Magnitude and distribution of option value for the Washakie Wilderness, northwest Wyoming, USA

Abstract

Option value is estimated for the Washakie Wilderness, northwest Wyoming, USA, using the contingent valuation technique. Consumer surplus, the traditional measure of economic value, is estimated separately and compared with option value. Several populations are tested, including Washakie visitors, Yellowstone National Park visitors, and residents from four metropolitan test markets: Salt Lake City, Utah; Portland, Oregon; Nashville, Tennessee; and Orlando, Florida, USA. The average annual preservation option value (consumer surplus) expressed by on-site wilderness visitors is $46.17 ($80.13), by urban residents is $9.70 ($8.97), and by rural residents is $8.43 ($7.80). Four selected attributes are determined to be important in motivating option demand for the Washakie, including existence value, bequest value, the desire for an on-site visit, and interest in securing the visiting privileges of others. The results suggest that option value is important in wilderness valuation and that off-site users account for a large part of the economic value of wilderness.