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An Application of Travel Cost Method to Yuelu Mountain Park in Changsha, China

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Title: An Application of Travel Cost Method to Yuelu Mountain Park in Changsha, China
Author(s): Tang, Tiantian
Contributor: University of Helsinki, Faculty of Agriculture and Forestry, Department of Forest EconomicsDepartment of Forest Sciences
Discipline: Forest Economics
Language: English
Acceptance year: 2009
Abstract:
The objective of this thesis is to assess the recreational value (access value) provided by Yuelu Mountain Park in China applying travel cost method (TCM) which is commonly used to estimate non-market benefits. Also, a fee that would maximize the entrance fee income is tentatively calculated. The potential trips to be lost next year are estimated based on local respondents visiting intentions among different age groups. The travel cost demand function is estimated by using basic count data travel cost model-Poisson regression, and survey data collected on-site. Average access values per trip were estimated to be € 0.75 for local and € 64.52 for non-local individuals producing aggregate annual access value of € 20.43 million. Based on the travel cost demand function, an entrance fee of € 5.43 would maximize the revenue collected from the visitors. This would mean more than doubling of the present entrance fee. The result could potentially be utilized when deciding on the entrance fees. It is also suggested that the park management could further study visitors' intentions and reasons either to visit or not to visit the park in the future. Estimated consumer surpluses as well as suggested entrance fee must however, be considered with caution because truncation of the on-site survey data is not accounted for in the Poisson model estimations of this study.
Keyword(s): travel cost method recreational value entrance fee Yuelu Mountain Park China


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