Some lighthouse economics

A environmental economics contributor allegory (Lighthouse seeks a beacon of hope):

Long overshadowed by the bigger and better known Cape Hatteras Lighthouse, the Bodie Island Lighthouse is still living up to its reputation as the [Horatio Caine] of Outer Banks beacons.

When it comes to money for badly needed repairs, the Bodie lighthouse -- the one with the black and white horizontal bands -- gets little respect. Federal funding has been delayed repeatedly, most recently in December, when it was cut from the budget in last-minute trims.

Horizontal bands makes me look heavy. Vertical bands are thinning.

About $3 million is included in the president's 2009 budget, but lighthouse supporters are wary.

...

Seashore officials said a survey indicated about 21,500 people visited the tower between April and October last year, when the lighthouse was open only a few hours a day.

In contrast, the Cape Hatteras Lighthouse at Buxton attracted about 127,600 people between April and October. Visitors are allowed to climb the winding stairs at Cape Hatteras, a national landmark.

Suppose the repairs lead to increased visitation at Bodie Lighthouse that is equal to 50% of the difference between Cape Hatteras Lighthouse and the current Bodie Lighthouse visitation: 74,550 visitors each year. If the $3 million in repairs lasts for 10 years, 745,550 visitors would need only about $4 in consumer surplus per visit to justify these expenditures (undiscounted). Put another way, a $4 user fee would raise the money in 10 years.