CONTINGENT VALUATION OF THE PITI-OBSERVATORY - A PILOT-STUDY

The social cost of the Piti Underwater Observatory, Piti Bay, Guam, wa s estimated utilizing the contingent valuation method. A 2 x 2 panel t elephone survey was conducted with 347 residents. Open-ended responses were not significantly different from forced-choice responses, with a verage willingness to pay of about $16 to $20 per respondent. The aggr egated total, based on estimated total taxpayers, was $1,352,064 per y ear. However, the study also revealed an embedding effect, which confo unds interpretation of the cost estimate.