The Travel Cost Method: an empirical investigation of Randall's Difficulty

Mick S. Common, Tim Bull and Natalie Stoeckl

Australian Journal of Agricultural and Resource Economics, 1999, vol. 43, issue 4, 21

Abstract: Randall (1994) argued that the Travel Cost Method (TCM) cannot generate monetary measures of recreation site benefits for use in Cost Benefit Analysis. Randall argues that what is relevant to recreational decision‐making is the subjective, and unobservable, price of travel, whereas TCM uses the observer‐assessed cost of travel. Hence, TCM can at best give ordinally measurable welfare estimates. ‘Randall’s Difficulty’ is formulated as an estimation problem and results are derived for that problem. The meaning of, prospects for, and usefulness of ordinal measurement are explored, and the existence of a solution to Randall’s Difficulty is considered.

Keywords: Research; Methods/Statistical; Methods (search for similar items in EconPapers)
Date: 1999
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (12)

Downloads: (external link)
https://ageconsearch.umn.edu/record/117209/files/1467-8489.00090.pdf (application/pdf)

Related works:
Working Paper: The Travel Cost Method: an Empirical Investigation of Randall's Difficulty (1997)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ags:aareaj:117209

DOI: 10.22004/ag.econ.117209

Access Statistics for this article

More articles in Australian Journal of Agricultural and Resource Economics from Australian Agricultural and Resource Economics Society Contact information at EDIRC.
Bibliographic data for series maintained by AgEcon Search ().