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A Utility Approach to the Valuation of Recreational and Aesthetic Experiences

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  • J. A. Sinden

Abstract

A method for valuing extra-market benefits is proposed and tested. The method rests on the empirical derivation of utility functions and indifference maps. Demand schedules were obtained from the indifference maps to provide specific benefit values. The method is compared to the conventional travel-cost method for valuing recreational benefits. It is argued that the utility approach is cenceptually superior. Also, the utility data comprised both the benefit values from the indifference maps and direct survey responses as surrogates for utility. These data proved better predictors of consumption than the usual travel-cost variables.

Suggested Citation

  • J. A. Sinden, 1974. "A Utility Approach to the Valuation of Recreational and Aesthetic Experiences," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 56(1), pages 61-72.
    • Handle: RePEc:oup:ajagec:v:56:y:1974:i:1:p:61-72.
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    File URL: http://hdl.handle.net/10.2307/1239347
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    Cited by:

    1. Kennedy, John O.S., 1980. "On The Derivation Of Indifference Curves For Estimating Consumer Surplus," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 24(3), pages 1-5, December.
    2. Castle, Emery N. & Kelso, Maurice M. & Stevens, Joe B. & Stoevener, Herbert H., 1981. "PART III. Natural Resource Economics, 1946-75," AAEA Monographs, Agricultural and Applied Economics Association, number 337228, january.
    3. Richard T. Carson, 2011. "Contingent Valuation," Books, Edward Elgar Publishing, number 2489.
    4. Fisher, Anthony C & Peterson, Frederick M, 1976. "The Environment in Economics: A Survey," Journal of Economic Literature, American Economic Association, vol. 14(1), pages 1-33, March.
    5. Luís Cruz & Paula Simões & Eduardo Barata, 2014. "Combining Observed and Contingent Travel Behaviour: The Best of Both Worlds?," Notas Económicas, Faculty of Economics, University of Coimbra, issue 40, pages 7-25, December.
    6. Ribaudo, Marc O. & Epp, Donald J., 1983. "Some Conceptual and Empirical Issues in Estimating the Demand for Water Quality," Journal of the Northeastern Agricultural Economics Council, Northeastern Agricultural and Resource Economics Association, vol. 12(1), pages 1-2.
    7. Wetzstein, Michael E. & Ziemer, Rod F., 1982. "A Truncated Regression Model Of Recreation Demand For California Wilderness Areas," 1982 Annual Meeting, August 1-4, Logan, Utah 279126, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    8. Sinden, Jack A., 1978. "Estimation Of Consumer'S Surplus Values For Land Policies," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 22(2-3), pages 1-19, August.
    9. Sinden, Jack A., 1980. "On The Derivation Of Indifference Maps For Estimating Consumer'S Surplus: Reply," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 24(3), pages 1-7, December.
    10. Garcia, Cristina, 1982. "Problems With The Treatment Of Time In The Travel Cost Method," Staff Papers 13408, University of Minnesota, Department of Applied Economics.
    11. Lockwood, Michael, 1996. "Non-Compensatory Preference Structures In Non-Market Valuation Of Natural Area Policy," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 40(2), pages 1-17, August.

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