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<br />To answer this question a survey of visitors to the falls was developed. The survey showed <br />pictures of the falls at four different flow levels. Visitors were mailed the survey that <br />contained the photos and a series of economic questions. The key questions related to how <br />much more they would pay to visit the falls with each flow level depicted in the photo and <br />how many times they would visit each year at the four different flow levels. Given that both <br />visitation and value per day was sensitive to flow, a total recreation benefit function was <br />statistically estimated. From this total recreation benefit function, the incremental value of <br />additional flow in each month could be calculated and compared to the foregone hydropower. <br />The economic optimum flow level during the summer months when visitation was the highest <br />was 500 efs, ten times larger than the current minimum instream flow (Loomis and Feldman, <br />1995: 107). <br /> <br />Re-regulation of Glen Canyon Dam <br />One of the highest profile uses of the contingent valuation method in the water resources <br />management has been the re-regulation of Glen Canyon dam. In the early 1980's it became <br />clear that continued operation of the dam for peaking power was adversely affecting the <br />downstream ecosystem in the Grand Canyon and significantly detracting from the rafting. As <br />always, the million dollar question was "just how much is this recreation worth" as compared <br />to market values of the peaking power. Thus the first studies carried out used CVM to <br />quantify how the value of rafting in the Grand Canyon changed with more even base flows as <br />compared to peaking power flows. The Bureau of Reclamation and National Park Service <br />worked with a consulting firm to develop a survey instrument to estimate how the value of <br /> <br />13 <br />