Question
Travel cost method entails using the value of time and cost incurred by tourists, to value a natural spot/ tourism spot. However, some modifications are
"Travel cost method entails using the value of time and cost incurred by tourists, to value a natural spot/ tourism spot. However, some modifications are required when “ a site within a site ” needs to be valued”. In light of this statement, provide a short write up of the travel cost method, and explain what modifications are necessary to arrive at the valuation for site-in-a-site. Use examples to make your answer clear.
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Dear TCM is based on the assumption that travel costs represent the price of access to a recreational site Peoples willingness to pay for visiting a s...Get Instant Access to Expert-Tailored Solutions
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Probability & Statistics For Engineers & Scientists
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