Travel cost methods of valuation
RICS Insight Paper ‘Value of natural capital - the need for chartered surveyors’ published by the Royal Institution of Chartered Surveyors in 2017 suggests that travel cost methods of valuation are revealed preference methods that draw on the revealed preferences of stakeholders.
In travel cost methods the value of a site to visitors can be assessed, for example, in terms of how much they have paid to reach the site and how many visitors the site receives, or by the costs incurred for school visits. Surveys are used to obtain this information.
Other revealed preference methods include:
- Hedonic pricing.
- Avertive expenditure (or avertive behaviour method).
- Replacement cost.
- Direct market valuation.
Approaches other than the revealed preference method include:
- Stated preference valuation.
- Value transfer/benefit transfer.
[edit] Related articles on Designing Buildings Wiki
Featured articles and news
Water management terms and techniques
Eight forms of resource optimisation.
CIOB responds to Chancellor Sunak's announcement on jobs and the economy.
CMA & IRM competition law risk guide published
Revised guide to competition rules available.
Brick slip soffit systems and intricate brick features.
An innovative engineering approach could have had tragic consequence for NYC.
Some secrets behind how canals work.
Breaking down possible steps of pre-contract management.
Looking to the future in Wales
ICE event includes comments from Welsh Government Minister Julie James.
How to write them and what they should include.
Designing Buildings Wiki becomes the world's first website to adopt the new knowledge standard.
Pressure Independent Control Valves (PICVs)
Assessing the most beneficial design elements.
Exploring different types of vinyl flooring.