The Individual Travel-Cost Method and the Value of Recreation: The Case of the Montgomery and Lancaster Canals

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Abstract
The purpose of this study was to demonstrate the use of the individual travel-cost method by using it to value informal recreation along the Montgomery and Lancaster Canals. Informal recreation covers all activities such as walking and sightseeing, for which no price or entry fee is charged. Consumer surplus on each type of informal recreation was estimated by the individual travel-cost method: Assessment of how much people were prepared to pay to undertake different activities. The Montgomery and Lancaster Canals provide examples against which to compare consumer surplus from informal recreation against public subsidies for their operation.