Combining Contingent Valuation and Travel Cost Data for the Valuation of Nonmarket Goods
AbstractThe travel cost method (TCM) has long been used to infer the economic value of nonmarket resources and public goods. More recently, contingent valuation (CVM) survey methods have gained popularity for eliciting these values. Here, CVM survey responses are combined with TCM data on actual market behavior to estimate jointly both the parameters of the underlying utility function and its corresponding ordinary demand function. This is a prototypical empirical example of a new modeling strategy, variants of which should prove useful in many applications, especially where reliance on a single valuation method is undesirable.
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Bibliographic InfoArticle provided by University of Wisconsin Press in its journal Land Economics.
Volume (Year): 68 (1992)
Issue (Month): 3 ()
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Web page: http://le.uwpress.org/
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RePEc Biblio mentionsAs found on the RePEc Biblio, the curated bibliography for Economics:
- > Environmental and Natural Resource Economics > Environmental Economics > Valuation > Travel cost studies
- > Environmental and Natural Resource Economics > Environmental Economics > Valuation
- > Environmental and Natural Resource Economics > Environmental Economics > Valuation > Contingent valuation method > Revealed preference and joint estimation
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