Tag Archives: travel cost method

The Marginal Value of Parks

Posted on May 15, 2019 by Adam Bailey

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 →

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Behavioural Economics and Environmental Valuation

Posted on March 3, 2018 by Adam Bailey

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 →

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A Valuation Case Study: the Great Barrier Reef

Posted on July 15, 2017 by Adam Bailey

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 →

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The Value of Time in the Travel Cost Method

Posted on June 21, 2016 by Adam Bailey

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 →

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