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The exchange value of ecosystem services from multi-site recreation

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  • Donnelly, Emma
  • Melstrom, Richard T.

Abstract

This paper presents research on the value of recreation-related services. National income accounts record values at market prices. Most nonmarket valuation studies, however, report welfare measures rather than values compatible with conventional income accounts. We demonstrate how to estimate compatible measures for a recreational resource in a multi-site setting using the simulated exchange value (SEV) method. We derive the exchange value using a participation and site choice model, extending the SEV method beyond single site applications. Results show that the distribution of sites matters in the calculation of exchange price. We construct a panel of exchange values by applying the method to 24 years of annualized recreational fishing statistics from Lake Michigan, allowing us to examine how values evolve over time. We find the annual exchange value is approximately $130 million, which is 64% of consumer surplus from the study area.

Suggested Citation

  • Donnelly, Emma & Melstrom, Richard T., 2026. "The exchange value of ecosystem services from multi-site recreation," Ecological Economics, Elsevier, vol. 245(C).
    • Handle: RePEc:eee:ecolec:v:245:y:2026:i:c:s0921800926000790
    DOI: 10.1016/j.ecolecon.2026.108994
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