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Valuing Non-Market Recreation Goods: An Evaluative Survey of the Literature on the Travel Cost and Contingent Valuation Methods

Author

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  • Garey Durden

    (Appalachian State University)

  • Jason F. Shogren

    (Appalachian State University)

Abstract

The development of alternate means for measuring the benefits of non-marketed recreation goods has occupied many economists since the Flood Control Act of 1936.1 In particular, the respective work of Hotelling in the 1940s, Clawson and Knetsch (1966), Prewitt (1949) and Davis (1963) in the 1960's laid the foundation for two currently used procedures, travel cost (TCM) and contingent valuation (CVM). The purpose of this paper is to survey and critically evaluate the literature on the two methods. Although both TCM and CVM provide consumer surplus measures generated from simulated market demand curves as the best estimates of social benefits, there are fundamental differences between the two. In what follows, the travel cost and contingent valuation methods are explained and the advantages and disadvantages of each are discussed. This is done to provide guidance as to which method might be more appropriately used in a given situation.

Suggested Citation

  • Garey Durden & Jason F. Shogren, 1988. "Valuing Non-Market Recreation Goods: An Evaluative Survey of the Literature on the Travel Cost and Contingent Valuation Methods," The Review of Regional Studies, Southern Regional Science Association, vol. 18(3), pages 1-15, Fall.
    • Handle: RePEc:rre:publsh:v18:y:1988:i:3:p:1-15
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    Cited by:

    1. d'Arge, Ralph C. & Shogren, Jason F., 1989. "Okoboji experiment: Comparing non-market valuation techniques in an unusually well-defined market for water quality," Ecological Economics, Elsevier, vol. 1(3), pages 251-259, October.
    2. Casey, James F. & Vukina, Tomislav & Danielson, Leon E., 1995. "The Economic Value of Hiking: Further Considerations of Opportunity Cost of Time in Recreational Demand Models," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 27(2), pages 658-668, December.
    3. Lew, Daniel K., 1999. "Multi-Purpose Trip Valuation in Recreation Demand Models: Some Methodological Approaches," 1999 Annual meeting, August 8-11, Nashville, TN 271486, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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