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Description

Just we have to use different data set, we are not allowed to use the example data set, If you have any questions let me know, that is the same work just using different data set

ECO 605: Module Four Case Study Guidelines and Rubric

Overview: The case studies in this course are designed to actively involve you in environmental economics reasoning and to help you apply the

course principles to complex real-world situations. In the case studies, you will use data analysis to make informed recommendations and

communicate in a professional manner.

The Module Four Case Study examines data with the travel cost method. In your submission, you will demonstrate the following skills:

1.

2.

3.

4.

5.

6.

Apply an appropriate type of cost-benefit analysis and compare it to the contingent valuation method.

Define the collection source for data.

Collect data on the number of visitors from each zone and the number of visits made in the last year.

Calculate visitation rates.

Calculate the average round-trip travel distance and travel time for each zone.

Write recommendations for an influential association of homeowners and businesses and describe the advantages of the travel cost

method over other methods.

7. Construct the demand function with the use of results from regression analysis.

8. Write a summary of the benefit-cost analysis on programs to control pollution.

Prompt: The objective of this case study is to analyze data and make recommendations for the improvement of the water quality in a local lake.

Describe the required data and the rationale for using the travel cost method. Prepare your analysis as though you were hired by an influential

association of homeowners and businesses that are interested in the local lakeâ€™s water quality. The analysis and recommendations you provide

will help determine the benefits for improving the water quality of the lake. You must take the steps listed below to complete this case study.

ï‚·

Step 1

Describe the rationale for using the travel cost method. Compare the travel cost method to the contingent valuation method in your

description.

ï‚·

Step 2

Define the zones surrounding the lake. These may be defined by concentric circles around the lake or by geographic divisions.

Choose what makes sense, such as counties or other distinguishable boundaries that surround the lake at different distances. Add a

graphic to enhance the definition and description.

ï‚·

Step 3

Explain how you will collect data. Focus on the number of visitors from each zone and the number of visits made in the last year. For

this example, assume the staff at the lake has records of the number of visitors and their zip codes. This will be used to calculate the

total number of visits per zone over the last year. To extend the value of the analysis, explain the value of more precise data and

what it takes to analyze this additional data. More information on this approach is found on the companion website to the course

textbook (relevant pages for Chapter 7).

ï‚·

Step 4

Calculate the visitation rates per 1,000 population in each zone. These are the total visits per year designated by each zone, divided

by the zoneâ€™s population in thousands. An example is shown below. Use Microsoft Excel (or something similar) to calculate the rates.

Visitation Rates per 1,000 Population

Zone

Total

Visits/Year

Zone

Population

Visits/1,000

0

400

1,000

400

1

400

2,000

200

2

400

4,000

100

3

400

8,000

50

Beyond 3

Total Visits

ï‚·

0

1,600

Step 5

Calculate the average round-trip travel distance and travel time for each zone. Assume that people in Zone 0 have a travel distance

and time of zero. Every other zone has increasing travel time and distance. Next, using average cost per mile and per hour of travel

time, calculate the travel cost per trip. A standard cost per mile for operating an automobile is readily available from AAA or similar

sources. Assume that cost per mile is $.30, or use the current expense rate found on the IRS website. The cost of time is more

complicated. The simplest approach is to use the average hourly wage. For this example, assume it is $9 per hour (or $.15 per

minute) for all zones, although in practice it is likely to differ by zone. Generate calculations using Microsoft Excel or a similar

program.

Zone

Average Round-Trip Travel Distance and Travel Time

Round-Trip Travel

Round-Trip

Distance Times Travel Time

Distance

Travel Time

Cost/Mile

Times

($.30)

Cost/Minute

($.15)

0

0

0

1

20

2

40

3

80

Total

Travel

Cost/Trip

0

0

0

30

$6

$4.50

$10.50

60

$12

$9.00

$21.00

120

$24

$18.00

$42.00

For additional practice, add one to two more zones with additional data.

ï‚·

Step 6

To estimate using regression analysis, use an equation that relates visits per capita to travel costs and other important variables.

From this, estimate the demand function for the average visitor. In this simple model, the analysis might include demographic

variables, such as age, income, gender, and education levels, using the average values for each zone. To maintain the simplest

possible model, calculate the equation with only the travel cost and visits/1,000.

Visits/1,000 = 330 â€“ 7.755*(Travel Cost)

ï‚·

Step 7

Construct the demand function for visits to the lake, using the results of the regression analysis. The first point on the demand curve

is the total visitors to the lake at current access costs (assuming there is no entry fee for the lake), which in this example is 1,600

visits per year. The other points are found by estimating the number of visitors with different hypothetical entrance fees (assuming

that an entrance fee is viewed in the same way as travel costs). Enter the total number of visits.

Demand Function

Visits/1,000

Population

Zone

Travel Cost plus

$10

Total Visits

0

$10

252

1,000

252

1

$20.50

171

2,000

342

2

$31.00

90

4,000

360

3

$52.00

0

8,000

0

Total Visits

For additional practice, add one to two more sets of data.

This gives the second point on the demand curve (enter the sum of the total visits into the gray shaded area). Use the total number

of visits and multiply it by an entry fee of $10. Then calculate in the same way for the number of visits at each of the increasing entry

fees to get the totals listed below. (Use a program such as Microsoft Excel to enter data and then plot a graph.)

Entry Fee

Total Visits

$20

409

$30

129

$40

20

$50

0

These points give the demand curve for trips to the lake.

ï‚·

Step 8

Now estimate the total economic benefit of the lake by calculating the consumer surplus (or the area under the demand curve). This

results in a total estimate of economic benefits from the lake uses around $23,000 per year, or around $14.38 per visit

($23,000/1,600). Remember that the objective is to determine whether it is worthwhile to spend money to protect the lake by

implementing programs to improve the water quality. If the actions cost less than $23,000 per year, the cost will be less than the

benefits provided by the lake. If the costs are greater, the staff will decide whether other factors are worthwhile. You should make

recommendations that will influence a decision on whether it is worthwhile to spend money on programs to improve the water

quality of the lake over the long run and the short run. Also make recommendations on the additional information to gather in a

survey to enhance this study. Create a report with recommendations based on your analysis.

Rubric

Guidelines for Submission: The case study must follow these formatting guidelines: double spacing, 12-point Times New Roman font, one-inch

margins, and APA citations. Your submission should be one to two pages in length (not including cover page and references).

Critical Elements

Rationale

Zones

Data Collection

Exemplary (100%)

Meets â€œProficientâ€ criteria

and extends with compelling

rationale on the benefits of

the travel cost method with

a comparison to other

methods, such as contingent

valuation

Meets â€œProficientâ€ criteria

and extends by defining the

source of the data from the

surrounding area and

incorporates a graphic with

concentric circles from

around the lake

Meets â€œProficientâ€ criteria

and extends the reports

value by describing

additional data to be

collected that would

enhance the current data

and analysis value

Proficient (90%)

Introduces the report with a

clear description on the

rationale for the use of the

travel cost method

Defines the zones

surrounding the lake

Describes the collection of

data using the example of

the lake staff providing

records of the number of

visitors and their zip codes as

part of the visits per zone

Needs Improvement (70%)

Attempts to introduce the

report with a rationale for

the use of the method for

the analysis, but the

description is not clearly

explained or it is missing

correct information

Attempts to define the zones

surrounding the lake, but at

least one detail is incorrect

Not Evident (0%)

There is no evidence or

rationale for the method

used in this report

Value

10

The definition of the zones is

incorrect or missing

completely

10

Attempts to describe the

collection of data, but there

is an error or missing

information

There is no attempt to

describe the data collected

10

Visitation Rates

Travel Cost per Trip

Estimation

Demand Function

Total Economic

Benefit

Meets â€œProficientâ€ criteria

and extends the calculations

with additional relevant data

and adds it to the graph of

the zones and visits/1,000

Meets â€œProficientâ€ criteria

and extends to include

additional data that

enhances the graph

Meets â€œProficientâ€ criteria

and extends calculations and

the regression analysis to

include more variables that

go beyond the simplest

travel cost and visits/1,000

Meets â€œProficientâ€ criteria

and extends demand

function for visits to the lake

by adding supporting data to

enhance the graph

Meets â€œProficientâ€ criteria

and extends to include

additional recommendations

that enhance this analysis

with good questions to ask

for more data to improve

the analysis

Generates accurate

calculations of the data with

the use of a program such as

Excel and generates a graph

of the zones and visits/1,000

Calculates the travel costs

and trips by zone using the

data provided with the use

of a program such as Excel to

generate a representation of

the information in a graph

Estimates using the

regression analysis of the

visits per capita to travel

costs and other important

variables

Constructs the demand

function for visits to the lake

using the results from the

regression analysis; enters

data into a program such as

Excel and creates a graph to

represent the data and

regression analysis

Uses the data provided to

create a summary of the

benefit-cost analysis with

recommendations on shortrun and long-run costs of

programs that will control

pollution; writes in a way

that will influence a target

audience of homeowners

and businesses

Attempts to generate

calculations of the data with

the use of a program such as

Excel, but there are errors in

the data or the graph

Attempts to calculate the

travel costs and trips by zone

using the data provided, but

there is an error in the data

or graph

There is no analysis or

proper use of the data

10

There is no calculation of the

travel costs and trip by zone

or no graph

10

Attempts to use regression

analysis of the visits per

capita to travel costs and

other variables, but there is

an error in the equation or

the use of data

Attempts to construct the

demand function for visits to

the lake, but the data has

errors or there is no graph to

represent the data and

regression analysis

There is no regression

analysis of the visits per

capita to travel costs

10

There is no construct

demand function for visits to

the lake

10

Attempts to use the data in

the analysis, but at least one

data source is not identified

or is used incorrectly

There is no analysis or data

used correctly to make

accurate recommendations

20

Articulation of

Response

Submission is free of errors

related to citations,

grammar, spelling, syntax,

and organization and is

presented in a professional

and easy to read format

Submission has no major

errors related to citations,

grammar, spelling, syntax, or

organization

Submission has major errors

related to citations,

grammar, spelling, syntax, or

organization that negatively

impact readability and

articulation of main ideas

Submission has critical errors

related to citations,

grammar, spelling, syntax, or

organization that prevent

understanding of ideas

Earned Total

10

100%

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