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Estimating Recreational Value of the Foy's Lake: An Application of Travel Cost Count Data Model for Truncated Zeros

Author

Listed:
  • Md. Touhidul ALAM

    (Dhaka School of Economics, University of Dhaka, Bangladesh.)

  • Anis-ul-ekram CHOWDHURY

    (Dhaka School of Economics, University of Dhaka, Bangladesh.)

  • Md. Sajib HOSSAIN

    (Dhaka School of Economics, University of Dhaka, Bangladesh.)

Abstract

To estimate the annual recreational value provided by the Foy’s Lake, using the most applicable model for on-site data, is the main objective of this study. To adhere to the objective of this study, individual travel cost method (ITCM) has been applied and zero truncated poisson regression model has been found plausible among other models to estimate the consumer surplus. Based on the estimate, the consumer surplus or recreational benefits per trip per visitor can be recommended as BDT 5,875 or US $ 73.44 and counting the consumer surplus per trip per visitor, the annual recreational value (total consumer surplus) provided by the lake is found to be BDT 321 million or US $ 40.2 million.

Suggested Citation

  • Md. Touhidul ALAM & Anis-ul-ekram CHOWDHURY & Md. Sajib HOSSAIN, 2017. "Estimating Recreational Value of the Foy's Lake: An Application of Travel Cost Count Data Model for Truncated Zeros," Journal of Economics Bibliography, KSP Journals, vol. 4(1), pages 70-76, March.
    • Handle: RePEc:ksp:journ6:v:4:y:2017:i:1:p:70-76
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    References listed on IDEAS

    as
    1. Rahman Khoshakhlagh & Seyed Vahid Safaeifard & Seyedeh Nasim Mirahmadi Sharifi, 2013. "Estimating Recreation Demand Function by Using Zero Truncated Poisson Distribution: A Case Study of Tehran Darband Site (Iran)," Journal of Empirical Economics, Research Academy of Social Sciences, vol. 1(1), pages 11-20.
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    More about this item

    Keywords

    Individual Travel Cost Method; Zero Truncated Poisson Regression Model; Endogenous Stratification; Consumer Surplus.;
    All these keywords.

    JEL classification:

    • C24 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Truncated and Censored Models; Switching Regression Models; Threshold Regression Models
    • Q26 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Recreational Aspects of Natural Resources
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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