Valuation tools - travel cost method, Public Economics

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Valuation Tools - Travel Cost Method

This method assumes that the consumer is willing to incur substantial cost (in terms of time or money) to procure certain environmental goods or services.

It has been widely used in developed countries to measure the value of recreational facilities the value of the environmental service, in this case, is equal to the opportunity cost of time spent and the travel cost incurred by the visitors.

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