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‘A travel cost analysis of the value of Carnarvon Gorge National Park for recreational use’: comment
Author(s) -
Kennedy John
Publication year - 1998
Publication title -
australian journal of agricultural and resource economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.683
H-Index - 49
eISSN - 1467-8489
pISSN - 1364-985X
DOI - 10.1111/1467-8489.00050
Subject(s) - recreation , citation , value (mathematics) , library science , national park , sociology , operations research , media studies , history , archaeology , political science , law , computer science , engineering , machine learning
Beal (1995) has estimated the consumer surplus for use value of visits to the Carnarvon Gorge National Park at A$2.4 million per year, or at a capital value of A$40 million assuming a real rate of discount of 6 per cent per year. The purpose of this article is to point out that there are two sources of error which make this estimate at least four times too large. The ¢rst and most signi¢cant error in Beal (1995) is made in the last stage of the calculations. On p. 302 the inverse demand equations for camper and non-camper visitors are given as: