Abstract
Since environmental resources, such as water, green and atmosphere of park, are not traded in the market and do not have market prices, it has been traditionally considered difficult to quantify benefits derived from the improvement of environmental quality. This paper employs a new Travel Cost Method (TCM) which was proposed as a non-market valuation method in our previous study, and tries to measure the benefits. Through a case study, we can find that the benefit of a park improvement may cover its cost and that difference between the benefit measured by the new TCM and the previous TCM is about 10%.
