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The Travel Cost Method (TCM) is a widely used non-market valuation technique in ecological economics for estimating the economic value of environmental goods and services, particularly recreational sites such as national parks, wildlife sanctuaries, forests, rivers, and coastal areas. Since these goods do not have a market price, TCM serves as an indirect approach to assess their value by examining the costs incurred by individuals to access and use them. Rooted in the theory of consumer behavior and demand, the method operates under the assumption that the time and travel expenses people incur to visit a site represent the “price” of access, thereby enabling economists to derive a demand curve and estimate the value of the site. TCM draws from the principles of revealed preference, which is based on observed behaviors rather than stated preferences. The core idea is that the value of an environmental good can be inferred from the behavior of individuals in actual market situations. In the context of TCM, this behavior is revealed through the number of trips taken by individuals to a recreational site and the expenses associated with these visits. The travel cost includes various components such as fuel, vehicle maintenance, entry fees (if any), opportunity cost of time spent traveling and visiting the site, accommodation, and food. By collecting data on these costs and the frequency of visits from a sample of users, a demand curve for the site can be derived. This demand function can then be ___ _______ _________ _____ ____ ____ _________ ________ __________.
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