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The Milford Track: Valuation Estimates Of A Recreation Good

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  • Woodfield, Alan
  • Cowie, Don

Abstract

This paper uses observations on visitation rates to estimate Clawson demand functions for a non-priced recreation commodity, namely, the Milford Track located in the Fiordland National Park of New Zealand. Different classes of user with potentially different demand elasticities are identified, and shadow prices consistent with revenue maximization of a discriminating and non-discriminatory monopolist tourist authority are estimated. Alternative maximum revenue and consumers' surplus valuations are presented which correspond to different concepts of measures of willingness to pay for use, including travel costs and the opportunity cost of time.

Suggested Citation

  • Woodfield, Alan & Cowie, Don, 1977. "The Milford Track: Valuation Estimates Of A Recreation Good," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 21(2), pages 1-14, August.
    • Handle: RePEc:ags:ajaeau:22487
    DOI: 10.22004/ag.econ.22487
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    References listed on IDEAS

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    1. Cichetti, Charles J & Smith, V Kerry, 1973. "Interdependent Consumer Decisions: A Production Function Approach," Australian Economic Papers, Wiley Blackwell, vol. 12(21), pages 239-252, December.
    2. Flemming, J S, 1973. "On the Theory of the Valuation and Allocation of Time: Some Comments," Scottish Journal of Political Economy, Scottish Economic Society, vol. 20(1), pages 65-71, February.
    3. Jack L. Knetsch, 1963. "Outdoor Recreation Demands and Benefits," Land Economics, University of Wisconsin Press, vol. 39(4), pages 387-396.
    4. William G. Brown & Farid Nawas, 1973. "Impact of Aggregation on the Estimation of Outdoor Recreation Demand Functions," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 55(2), pages 246-249.
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    Cited by:

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    2. Natalie Stoeckl & Trevor Mules, 2006. "A Travel Cost Analysis of the Australian Alps," Tourism Economics, , vol. 12(4), pages 495-518, December.

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