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TCM (Cons (Only measures what quality information people are aware of - if…
TCM
Cons
Only measures what quality information people are aware of - if people don't know site characteristics e.g. water chemical pollution, they TC doesn't reflect it
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Can be data-intensive, particularly for RUM modelling
Multi-trip issue - but can be overcome by restricting distance or asking proportion of utility (opens stated preference issues)
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Traditional method cannot properly incorporate substitute sites due to the Extreme Conner Solution Problem (Lupi)
It's assumed that cost per mile is constant and that travel distance is proportional to value, however, both are not necessarily true with air travel
Requires a significant distance range otherwise won't be able to create a valid demand curve as the weakly complementary relationship between value and travel cost breaks down e.g. London to Kew
Statistical issues: Use of a log-linear functional form leads to overestimates of consumer surplus as TC tends to infinity as number of trips tends to 0
Pros
data often already exists e.g. the bi-decadal US National Hunting and Fishing Survey, e.g. as in Day
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Good for political issues e.g. justifying government investment into South African Kwa-Zulu Natal reserve
It can be used for more than environmental studies e.g. to calculate an appropriate value for a museum entry
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Champ - general TCM
Lupi - Extreme Corner Solution Problem
Pendelton and Mendelsohn - RUM / 300km
Desvouges and Smith - Qualities for RUM model e.g. accessibility
Bann - Offsite activités
Day Kwa-Zulu Natal South Africa
Chesapeake Bay - information
Mendlesohn - GB Reef