Tag Archives: travel cost method

A Valuation Case Study: the Great Barrier Reef

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

Posted in Environment (general) | Tagged , , , , , , , , | Leave a comment

The Value of Time in the Travel Cost Method

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

Posted in Recreation | Tagged , | Leave a comment

The Travel Cost Method – Some Pitfalls

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

Posted in Recreation | Tagged , | Leave a comment

Economics on the Beach

A busy beach offers an interesting economic case study. I recently spent a few days on holiday with my family in Barcelona.  The weather was fine and each day we spent an hour or so on the beach.  I observed … Continue reading

Posted in Recreation | Tagged , , , , , , | Leave a comment