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Tag Archives: travel cost method
A valuation of the Great Barrier Reef illustrates many common issues in the economics of environmental valuation. A recent report by Deloitte Access Economics (1) estimates the asset value of the Great Barrier Reef at A$56 billion (2). This is … Continue reading
Travel costs used in valuing recreational sites often include the value of travel time at around 1/3 of the wage rate. A recent study suggests the fraction should be higher, for some travellers at least. Originally posted 3/12/2013. Re-posted following … Continue reading
The travel cost method is an essential tool in estimating the economic value of non-market recreational sites such as parks, but its application is rarely straightforward. Here are some of its pitfalls. Originally posted 11/8/2012. Re-posted following site reorganisation 21/6/2016. … Continue reading