"This paper presents a case study of willingness-to-pay (WTP) estimation using random valuation models. A contingent valuation survey was conducted in Yerevan, Armenia to estimate people's WTP for the protection of Lake Sevan. Three elicitation formats - open-ended, closed-ended, and the...

Lakes and reservoirs are the world's major repository of accessible freshwater. They are central to the livelihoods and economies of a large fraction of the world's population, as well as being centers of aquatic biodiversity. They play a central role in integrated water resources management....