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VALUING RURAL RECREATION BENEFITS: AN EMPIRICAL COMPARISON OF TWO APPROACHES
Author(s) -
Hanley N. D.
Publication year - 1989
Publication title -
journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.157
H-Index - 61
eISSN - 1477-9552
pISSN - 0021-857X
DOI - 10.1111/j.1477-9552.1989.tb01117.x
Subject(s) - recreation , economic surplus , valuation (finance) , contingent valuation , economics , cost–benefit analysis , natural resource economics , business , environmental economics , microeconomics , willingness to pay , finance , welfare , ecology , market economy , biology
Two methodologies for valuing non‐market benefits (contingent valuation and the travel cost method) are briefly described. Both are then applied to the problem of valuing non‐market recreation benefits derived by visitors to a part of the Queen Elizabeth Forest Park in Central Scotland. Results, in terms of consumer surplus estimates, are presented for each method, and problem areas found in applying the two methodologies are pointed out.