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• W2109839105 abstract "Randall (1994) argued that the Travel Cost Method (TCM) cannot generate monetary measures of recreation site benefits for use in Cost Benefit Analysis. Randall argues that what is relevant to recreational decision‐making is the subjective, and unobservable, price of travel, whereas TCM uses the observer‐assessed cost of travel. Hence, TCM can at best give ordinally measurable welfare estimates. ‘Randall’s Difficulty’ is formulated as an estimation problem and results are derived for that problem. The meaning of, prospects for, and usefulness of ordinal measurement are explored, and the existence of a solution to Randall’s Difficulty is considered." @default.
• W2109839105 created "2016-06-24" @default.
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• W2109839105 date "1999-12-01" @default.
• W2109839105 modified "2023-10-16" @default.
• W2109839105 title "The Travel Cost Method: an Empirical Investigation of Randall’s Difficulty" @default.
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• W2109839105 doi "https://doi.org/10.1111/1467-8489.00090" @default.
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