| Sumario: | A prototypical empirical example was used to demonstrate a new modeling strategy that combines the travel cost method (TCM) and the contingent valuation method (CVM) of measuring the economic value of nonmarket resources and public goods. CVM survey responses were integrated with TCM data on actual market behavior to jointly estimate the parameters of the underlying utility function and its corresponding ordinary demand function. CVM responses were drawn from a major in-person survey of recreational fishermen from the Mexican border to the Louisiana state line conducted by the Coastal Fisheries Branch of the Texas Department of Parks and Wildlife between May and November of 1987. Additional research on respondents to the CVM survey yielded the TCM data, and the 2 methods were combined in a single set of value estimates. Variants on this new modeling strategy should be useful in many applications, especially when a single valuation method may not be relied upon.
|
|---|