| Abstract: | ABSTRACT: Accurate valuation of recreational lakes and rivers in contingent valuation (CV) studies requires that the definition of the environmental good being sold meets the requirements of correspondence, proximity, and familiarity. The concept of ‘water quality’ normally used fails to meet these requirements. This paper offers a broader concept of “lake/river quality” - a collection of physical, ecological, and aesthetic characteristics that create the opportunity for recreation, scenic enjoyment, and fish and wildlife propagation - that better describes the characteristics that recreationists value in lakes and rivers. The concept therefore better meets CV requirements and should be the basis for defining environmental improvements and declines to be hypothetically sold in CV surveys. |
