Abstract
Wetlands ecosystem services provide diverse benefits to human beings (tangible and intangible) on a sustainable basis. Despite the benefits and vital role in maintaining the ecology of the environment, wetlands are facing massive degradation due to the failure to take into account the value of the various ecological services provided by them. This paper estimates the economic benefits and willingness to pay for the ecosystem services provided by wetland in the segment of Loktak Lake (Ramsar sites) and to assist policymakers in formulating the efficient and sustainable management of the Lake. Loktak Lake is the largest freshwater lake in the northeastern part of India. A choice experiment is employed to determine the preference and value perceived by the stakeholder for the various economic and ecological functions of Loktak Lake. The attributes of the Lake accounted for in the study are aquaculture, phumdi (floating vegetation), organic farming, and recreational sites. The random parameter logit model is estimated to account for heterogeneity in the preferences of the stakeholders upon the attributes of the Loktak Lake. The results indicate that aquaculture, organic farming, and recreational sites have positive and significant economic benefits for any changes in the level of these attributes. Furthermore, the results of the random parameter logit models revealed aquaculture and recreational sites are perceived to be the maximum contributors to welfare. It also found that stakeholders have heterogeneity in their preferences and derive positive and significant values from the improvement of these attributes of this wetland.
Presenters
Prasanta LeichombamResearch Scholar, Department of Basic Sciences, Humanities, and Social Sciences, National Institute of Technology Mizoram, Manipur, India
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KEYWORDS
Choice Experiment, Willingness to Pay, Loktak Lake, Economic Valuation, Attributes
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