One benefit of managing forests is that one can alter the qualities of sites. The value of changing site qualities, however, is generally not known. This paper develops a formal hedonic travel cost model which can be used to estimate the value of both marginal and non-marginal changes to sites. The approach accommodates multiple simultaneous changes in site characteristics. Estimating this model using a set of permits from wilderness areas leads to revealed preference estimates of the recreational value of clear-cuts, old-growth, and nine other wilderness attributes.
ASJC Scopus subject areas
- Economics and Econometrics
- Management, Monitoring, Policy and Law