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A ‘Quick and Dirty’ Travel Cost Model

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  • Natalie Stoeckl

Abstract

This paper describes a series of Monte-Carlo simulations that investigate the accuracy of welfare estimates generated from the travel cost model (TCM). The simulations indicate that in some cases the TCM can generate reasonably accurate welfare estimates – even when researchers are unable to determine the correct price of all recreational inputs or the correct way to allocate the joint costs of multiple-site visitors. This means that in some circumstances researchers may be able to estimate a visitation equation simply, using an implied price of distance equal to one and then scaling final estimates for a range of different ‘plausible’ prices. These final estimates are neither better nor worse than other estimates, but they are considerably simpler to generate, thus saving time that can then be devoted to the many other problems attending TCM implementation.

Suggested Citation

  • Natalie Stoeckl, 2003. "A ‘Quick and Dirty’ Travel Cost Model," Tourism Economics, , vol. 9(3), pages 325-335, September.
    • Handle: RePEc:sae:toueco:v:9:y:2003:i:3:p:325-335
    DOI: 10.1177/135481660300900306
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    References listed on IDEAS

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    1. Jeffrey Englin & Trudy Cameron, 1996. "Augmenting travel cost models with contingent behavior data," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 7(2), pages 133-147, March.
    2. V. Kerry Smith & Yoshiaki Kaoru, 1990. "Signals or Noise? Explaining the Variation in Recreation Benefit Estimates," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 72(2), pages 419-433.
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