The travel cost method of economic valuation, travel cost analysis, or Clawson Method is a Revealed preference method of economic valuation used in cost benefit analysis to calculate the value of something that cannot be obtained through market prices (i.e. National Parks, Beaches, Ecosystems). The aim of the method is to calculate willingness to pay for a constant price facility.
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Famous quotes containing the words travel, cost and/or analysis:
“To travel hopefully is a better thing than to arrive.”
—Robert Louis Stevenson (1850–1894)
“The cost of a thing is the amount of what I will call life which is required to be exchanged for it, immediately or in the long run.”
—Henry David Thoreau (1817–1862)
“Ask anyone committed to Marxist analysis how many angels on the head of a pin, and you will be asked in return to never mind the angels, tell me who controls the production of pins.”
—Joan Didion (b. 1934)