Using data collected from a combination of on-site and on-line surveys, this study examines recreational demand for equestrian trail-riding in Kentucky. A truncated, negative binomial regression is applied to analyze individuals’ visitation behavior consistent with a travel cost model. Results suggest that distance is the most significant determinant of average annual visits to a particular site. Various trail site characteristics, such as trail length, scenic overlooks, and trail markers, affect the number of visits an individual takes. Geographic information system (GIS) analysis permits the identification of equestrian population centers. Information obtained from this study offers a decision base for policymakers to use to manage existing equestrian trails and locate new ones.

Colleges of veterinary medicine are often asked to provide evidence of the economic impacts of their activities. This paper presents methods for evaluating a veterinary college and applies them to the Virginia-Maryland Regional College of Veterinary Medicine. It assesses short-run impacts on income and employment using input-output analysis. Long-run benefits are estimated using a combination of economic surplus analysis, travel cost analysis and demand estimation, animal-owner willingness-to-pay based on a survey of practicing veterinarians, and earnings differentials.

The growing popularity of marine recreational fishing has created considerable interest in artificial marine habitat development to maintain and enhance coastal fishery stocks. This paper provides a comparative evaluation of travel cost methods to estimate recreational use benefits for new habitat site planning. Theoretical concerns about price and quality effects of substitute sites, corner solutions in site choice, and econometric estimation are considered. Results from a case study indicate that benefit estimates are influenced by the way these concerns are addressed, but relatively simple single site models can provide defensible estimates. Practical limitations on data collection and model estimation are also considered.

There are many reasons to suspect that benefit-cost analysis applied to environmental policies will result in policy decisions that will reject those environmental policies. The important question, of course, is whether those rejections are based on proper science. The present paper explores sources of bias in the methods used to evaluate environmental policy in the United States, although most of the arguments translate immediately to decision-making in other countries. There are some “big picture” considerations that have gone unrecognized, and there are numerous more minor, yet cumulatively important, technical details that point to potentially large biases against acceptance on benefit-cost grounds of environmental policies that have true marginal benefits greater than true marginal costs, both in net present value terms. It is hoped that the issues raised here will improve future conduct of benefit-cost analyses of environmental policies.

The proper valuation of non-market environmental commodities such as wildlife viewing has significant policy implications. We implemented the Travel Cost Method (TCM) to estimate the value of viewing threatened Eurasian griffon vulture Gyps fulvus by the public at Gamla Nature Reserve, northern Israel. We used the zonal TCM, where concentric zones were defined around the site such that the cost of travel from all points in a given zone was approximately constant. We generated a visit-distance function and used it, based on 143 questionnaires, to derive the demand function for the site from which a monetary value could be estimated. The potential annual benefit of Gamla was estimated to be NIS 5.5–6.0 million (USD 1.1–1.2 million). The annual economic value of Gamla to the visiting public is approximately five times higher than the current revenue, and 85% of the visitors to Gamla came to view vultures. This information can be used to estimate the benefits of further investment in Gamla Nature Reserve, to price this site according to demand if there are budget limits, and in particular to invest in the protection of vultures and other threatened species.