About Economic Droplets
An environmental and natural resource economics blog by Adam Bailey (below). For details and profile see About.
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© Adam Bailey and Economic Droplets, 2012-2022.
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Category Archives: Recreation
The Marginal Value of Parks
Environmental valuation studies should be clearer as to whether the value they estimate is marginal value or something else. The idea of a marginal quantity is one of the most-used in the economist’s toolkit. In the theory of the firm, … Continue reading
Posted in Recreation
Tagged environmental valuation, marginal value, recreational value, travel cost method
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Behavioural Economics and Environmental Valuation
The behaviour on which revealed preference valuation methods are based almost inevitably results from thought processes involving bounded rationality. What does that imply for such methods? The insights of behavioural economics have been applied to many sub-fields of economics, and … Continue reading
Sensitivity to Zone Definition in the Zonal Travel Cost Method
How sensitive are regression estimates based on aggregated data, zonal travel cost datasets for example, to the particular form of aggregation? Here I present an answer for one simple case. Originally posted 21/3/2016. Re-posted following site reorganisation 21/6/2016. This is … Continue reading
Posted in Recreation, Scientific method
Tagged replicability, zonal travel cost method
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Precision in the Zonal Travel Cost Method – A Case Study
Zonal travel cost studies often rely on very small datasets. Conventional estimates of precision are unreliable in those circumstances. Originally posted 19/6/2015. Re-posted following site reorganisation 21/6/2016. The zonal travel cost method (ZTCM) for estimating the use value of recreational … Continue reading
Posted in Recreation
Tagged heteroscedasticity, small sample size, zonal travel cost method
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