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Comparing Travel Cost Models And The Precision Of Their Consumer Surplus Estimates: Albert Park And Maroondah Reservoir

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  • Nicola Lansdell
  • Lata Gangadharan

Abstract

This study examines different types of Travel Cost Models to estimate and compare the recreational values of two parks in Victoria, Australia: Maroondah Reservoir and Albert Park. Zonal Travel Cost models and a number of different functional forms are used in this study. Standard errors are used to estimate upper and lower bounds for the recreational value estimates, enabling comparison between the precision of the different types of Travel Cost Models and functional forms estimated. The double log functional form city zone Travel Cost Model was chosen as the best estimate for Albert Park's recrea-tional value at $22.9 million per year. Maroondah Reservoir's best estimate is provided by the double log functional form regional zone Travel Cost Model at a value of $2.5 million per year, consider-ably less than that of Albert Park. Albert Park is found to have a comparatively larger 'proximity power' (attracting many more visitors) while Maroondah Reservoir exhibited a larger degree of 'pulling power' (a higher proportion of its visitors travel further distances). Copyright Blackwell Publishing Ltd/University of Adelaide and Flinders University of South Australia 2003.

Suggested Citation

  • Nicola Lansdell & Lata Gangadharan, 2003. "Comparing Travel Cost Models And The Precision Of Their Consumer Surplus Estimates: Albert Park And Maroondah Reservoir," Australian Economic Papers, Wiley Blackwell, vol. 42(4), pages 399-417, December.
  • Handle: RePEc:bla:ausecp:v:42:y:2003:i:4:p:399-417
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    1. Gillespie, Robert, 1997. "Economic Value and Regional Economic Impact of Minnamurra Rainforest Centre, Budderoo National Park," 1997 Conference (41st), January 22-24, 1997, Gold Coast, Australia 136013, Australian Agricultural and Resource Economics Society.
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    4. Robert D. Laurent & J. Bradford De Long & George Bredon & Martin Shanahan & Carl S. Bonham & Richard H. Cohen, 2000. "Correspondence," Journal of Economic Perspectives, American Economic Association, vol. 14(4), pages 225-230, Fall.
    5. Pearce, David, 1992. "Economic valuation and the natural world," Policy Research Working Paper Series 988, The World Bank.
    6. Chotikapanich, Duangkamon & Griffiths, William E., 1998. "Carnarvon Gorge: a comment on the sensitivity of consumer surplus estimation," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 42(3), September.
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    Cited by:

    1. Baker, Rick & Ruting, Brad, 2014. "Environmental Policy Analysis: A Guide to Non‑Market Valuation," 2014 Conference (58th), February 4-7, 2014, Port Maquarie, Australia 165810, Australian Agricultural and Resource Economics Society.
    2. Himayatullah Khan, 2006. "Willingness to Pay for Margalla Hills National Park: Evidence from the Travel Cost Method," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 11(2), pages 43-70, Jul-Dec.
    3. Muhammad Rafiq & Shafiqullah, 2007. "Demand Analysis of Recreation Visits to Chitral Valley: A Natural Resource Management Perspective," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 46(4), pages 971-984.
    4. Himayatullah, 2003. "Economic Valuation of the Environment and the Travel Cost Approach: The Case of Ayubia National Park," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 42(4), pages 537-551.

    More about this item

    JEL classification:

    • Q26 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Recreational Aspects of Natural Resources
    • Q28 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Government Policy

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