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Sustainability 2015, 7(4), 4764-4782; doi:10.3390/su7044764

Estimating the Total Economic Value of Cultivated Flower Land in Taiwan

Department of Sport Management, National Taiwan University of Sport, No. 52-16, Sec., 3, Syuefu. Rd., Chiayi County, Putzu City 61363, Taiwan
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Author to whom correspondence should be addressed.
Academic Editor: Marc A. Rosen
Received: 10 November 2014 / Revised: 13 April 2015 / Accepted: 15 April 2015 / Published: 21 April 2015
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Abstract

Many arable land areas have been converted to residential or business uses by Taiwan government authorities, because the low farmland value is associated with the low value of agricultural products. However, agriculture is multifunctional. This study investigates farmland value through Total Economic Value (TEV) for Tianwei Township, which is Taiwan’s largest floral farmland region. Direct use value measures the floral products’ output value and recreational benefit. Recreational benefit from visitors’ flower sightseeing was measured by the travel cost method (TCM). Option value and non-use value, including bequest value and existence value, measure the residents’ willingness to pay through the double-bounded dichotomous contingent valuation method (CVM). The results show that the total floral products’ output is NT$1.441 billion in 2007, recreational benefit is roughly NT$17.757 billion. The intangible value of option value and non-use values are approximately between NT$5 million to 15 million. Therefore, ignoring various values of farmland might lead to an underestimation of farmland value. View Full-Text
Keywords: total economic value; use value; non-use value; travel cost method; contingent valuation method; multifunctionality total economic value; use value; non-use value; travel cost method; contingent valuation method; multifunctionality
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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MDPI and ACS Style

Huang, C.-H.; Wang, C.-H. Estimating the Total Economic Value of Cultivated Flower Land in Taiwan. Sustainability 2015, 7, 4764-4782.

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