Evaluating the Effects of River and Stream Restorations: Evidence from Recreational Fishing

River restorations are increasingly used worldwide as conservation measures and environmental policy tools. Despite their popularity, there is a lack of compelling empirical evidence that river restorations achieve policy goals. Exploiting a unique dataset of fishing trips combined with structural, spatial, and temporal data on restorations, we study the effects of restorations on catch rate, a measurable ecosystem service, and then evaluate the welfare consequences of these changes. We provide robust evidence that restorations lead to persistent increases in catch rates that generate a monetary value of over $600,000 annually for a proposed set of future restorations. (JEL Q26, Q51)