Tag Archives: travel cost method

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

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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

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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

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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

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