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Valuing Nature with Travel Cost Models
A Manual. New Horizons in Environmental Economics Series
Increasingly, natural environments are being changed by our activities, and potential human uses of natural resources are often incompatible with environmental protection goals. Travel cost models supply economic information to estimate values in environmental decision-making that otherwise are not available. In the absence of this information, non-market benefits are likely to be ignored in the decision-making process. An important question faced by policymakers centres around the appropriate mix of policies to provide a balance in the use of environments in their natural state versus commodity production. Appropriate analyses of rival policies regarding land usage depend on the availability of data on benefits and costs. This book provides indispensable guidance to the TCM (Travel Cost Method) methodology and its uses, as well as highlighting areas where further development is necessary. The book presents a self-contained treatment of TCM along with a wide range of applications to natural resource and environmental policy questions.
It will be an indispensable tool for policymakers in both government and NGOs, natural resource site managers as well as academics and researchers.
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What Reviewers Are Saying
'... Ward and Beal have produced a volume that will be a useful addition to the collection of environmental and resource economists who are - or want to be - involved in the estimation of non-market values.' -- Jeff Bennett, The Australian Journal of Agricultural and Resource Economics 'The book has a broad scope and is fairly comprehensive in its coverage of different methodological approaches to measurement of travel costs and their relationship to demand for recreation... Ward and Beal's book should be easily accessible to readers with either an elementary knowledge of economics or with serious quantitative training from other disciplines such as biology or engineering.' -- Phil Simmons, Economic Record 'Frank Ward and Diana Beal set out to provide a self-contained treatment of the travel cost model for readers with little formal training in statistics or economics. The population that they anticipate serving includes policy analysts, environmental scientists and natural resource managers who need to make informed decisions about land use. This niche has long been waiting to be filled and Ward and Beal have done an excellent job of filling it. The authors have produced a highly readable volume that illuminates the important facets of travel cost models in a clear and understandable presentation... The bibliography will also be a very useful reference for researchers and policy analysts alike. Overall, the authors have clearly succeeded in providing a readable and informative manual on the subject of travel cost models and their use in valuing changes in environmental access or amenities. In doing so, they have made travel cost models an even more valuable tool than they have been in the past, by aiding the end-users of these models in understanding what the models measure and how they are constructed. Ward and Beal are to be congratulated on their fine work. This volume will be a valuable addition to any resource manager's library.' -- Catherine Kling, European Review of Agricultural Economics 'Travel cost recreation demand modelling has come "of age" thanks to Ward and Beal. Their book provides ready access to this method and highlights emerging research issues. By helping us to understand the intricate nuances of the travel cost methodology for valuing non-market amenities, they have "created" a valuable resource for practitioner and student alike. There is no doubt that it will have a lasting effect on the literature.' -- V. Kerry Smith, Arizona State University, US 'This book is the A to Z of the travel cost method. It is all that you will ever need to know to set up a successful travel cost model, complete it, and interpret its results for policy or resource pricing. An authoritative source on all aspects of travel cost models, from economic theory to sampling design and statistical analysis, it is an invaluable guide to all those contemplating using this method. The manual allows you to navigate through the complexities of travel cost analysis with ease; and provides new perspectives and ideas that even established travel cost researchers may not have encountered.' -- Kenneth G. Willis, University of Newcastle upon Tyne, UK