A Utility Approach to the Valuation of Recreational and Aesthetic Experiences

J. A. Sinden

American Journal of Agricultural Economics, 1974, vol. 56, issue 1, 61-72

Abstract: A method for valuing extra-market benefits is proposed and tested. The method rests on the empirical derivation of utility functions and indifference maps. Demand schedules were obtained from the indifference maps to provide specific benefit values. The method is compared to the conventional travel-cost method for valuing recreational benefits. It is argued that the utility approach is cenceptually superior. Also, the utility data comprised both the benefit values from the indifference maps and direct survey responses as surrogates for utility. These data proved better predictors of consumption than the usual travel-cost variables.

Date: 1974
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:56:y:1974:i:1:p:61-72.

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