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Economic evaluation of Foy’s lake, Chittagong using travel cost method

Author

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  • Islam, Kamrul
  • Majumder, Sahadeb Chandra

Abstract

Background: Economic evaluation of non-market goods is challenging and can’t be calculated using traditional method. In this study, Travel Cost Method (TCM) was used to evaluate the economic value of Foy’s Lake of Chittagong. Methods: A total of 200 respondents from the visitor of this lake were interviewed on the basis of day of visit (week day: 100, weekend: 100) using structured questionnaire. The collected data were analyzed using SPSS v 20 and R v 3.2.1 Findings: A multiple regression model was developed using the analysis which had a R2 value of 0.084. Family size and Total cost of visitors were found significant with a p-value of 0.05. The estimated value for Foy’s Lake for 2014 was worth 294165270 BDT (Bangladeshi Taka) (or 3792034.49 US $). Applications: By applying the model, derived from this study can be used to assess the economic value by revealed preference method of artificial lakes in this region.

Suggested Citation

  • Islam, Kamrul & Majumder, Sahadeb Chandra, 2015. "Economic evaluation of Foy’s lake, Chittagong using travel cost method," MPRA Paper 69249, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:69249
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    References listed on IDEAS

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    1. Ekin Birol & Katia Karousakis & Phoebe Koundouri, 2006. "Using economic valuation techniques to inform water resources management: A survey and critical appraisal of available techniques and an application," DEOS Working Papers 0607, Athens University of Economics and Business.
    2. Adamowicz W. & Louviere J. & Williams M., 1994. "Combining Revealed and Stated Preference Methods for Valuing Environmental Amenities," Journal of Environmental Economics and Management, Elsevier, vol. 26(3), pages 271-292, May.
    3. Shrestha, Ram K. & Seidl, Andrew F. & Moraes, Andre S., 2002. "Value of recreational fishing in the Brazilian Pantanal: a travel cost analysis using count data models," Ecological Economics, Elsevier, vol. 42(1-2), pages 289-299, August.
    4. Farber, Stephen C. & Costanza, Robert & Wilson, Matthew A., 2002. "Economic and ecological concepts for valuing ecosystem services," Ecological Economics, Elsevier, vol. 41(3), pages 375-392, June.
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    1. Tahzeeda Jasia & Khan Mizan R. & Bashar Raisa, 2018. "Valuation approaches to ecosystem goods and services for the National Botanical Garden, Bangladesh," Environmental & Socio-economic Studies, Sciendo, vol. 6(1), pages 1-9, March.

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    More about this item

    Keywords

    Economic Evaluation; Travel Cost Method; Revealed Preference; Foy’s Lake;
    All these keywords.

    JEL classification:

    • Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics
    • R1 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics

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