What is the travel-cost method for measuring benefits? Give an example.

The travel-cost method is a method used to measure public benefits from environmental activities and natural resource use. It is based on the concept that people who live closest to the resource will be more willing to pay to use it than people who live farther away. This technique estimates the economic benefits of a resource because it accounts for people who have traveled from far away to use it, or are willing to travel for it. For example, if a nature park located in New York attracts visitors from several different states and countries, the number of people who have traveled from each location can be used to estimate the economic benefits from the park. People who travel longer distances are more likely to have higher demand for the park's services, which would result in more monetary benefits. The further the distance traveled, the more valuable the park is to that traveler and the region as a whole. This can be used to compare the financial returns of other activities or local economic initiatives in the same region.