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of <br />AD <br />• <br />An alternative estimation procedure makes uses of average willingness to pay. <br />In Figure 5, the visitation rate at the zero price is OQ' and the total benefits are <br />OP'Q'. If price PA is the average willingness to pay, then PA.Q (area OPABQ') <br />equals area OP'Q'. PA is midway between a zero price and the maximum price <br />anyone would pay, where the demand is linear. The estimation procedure has <br />the desirable feature of simplicity, e.g. all that is needed is the visitation rate and <br />the average willingness to pay. It is probably the most widely used method for <br />estimating benefits from a recreational project. <br />In the absence of beach restoration, erosion would eventually destroy much of <br />the value of the beaches in Indian River County and recreational benefits would <br />be substantially reduced. The pre -project beaches in the County have already <br />experienced significant erosion. Under these conditions the benefits attributable <br />to the project are a substantial portion of the total benefits derived from a <br />continuously maintained beach. For example, Sector 7 has suffered so much <br />erosion 4hwt ft is ha. dly ,d buy t6_ <br />,� ...y used �y ��.0 public. There is also a serious lack of public <br />parking in this beach area. <br />0 830PIMREPORT/OIWTWO1RM,T(ME <br />22 <br />