Valuing Nature with Travel Cost Models

Valuing Nature with Travel Cost Models

A Manual

New Horizons in Environmental Economics series

Frank A. Ward and Diana Beal

The book presents a self-contained treatment of TCM along with a wide range of applications to natural resource and environmental policy questions.

Chapter 2: History and Scope of TCM

Frank A. Ward and Diana Beal

Subjects: economics and finance, environmental economics, environment, environmental economics


Page 32 2—  History and Scope of TCM In this chapter we give a concise history of the origin of TCM and its early development. We then examine briefly the most significant advances over the last three  decades or so, which will give you an appreciation of its scope. We then summarize what TCM does well, as you saw in Chapter 1 and what it cannot do. You might  like to scan this chapter initially and come back and read it more thoroughly after you become familiar with the methodology. Amore comprehensive examination of  some of these issues is presented later in the book at appropriate points. History of TCM The history of TCM is examined in this section in terms of the original proposal and execution, followed by a concise examination of later developments. Original Suggestion and Execution TCM has developed from a suggestion made by Harold Hotelling in 1947 in a release on the economics of recreation in US national parks by the National Park  Service. The Service wanted to know how economic principles could be used to demonstrate economic values produced by national parks in the hope that parks  could be shown to produce benefits exceeding costs to taxpayers. The Park Service contacted a number of prominent economists of the day to find out what could be  done to value the parks. Among the many responses they received, only the one by Hotelling was based on solid economic principles. In retrospect this should have  been little surprise,...

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