Climate Change Threatens Coastal Recreation, Demands Comprehensive Economic Evaluation
In this study, researchers aimed to develop a way to accurately measure the economic impact of beach erosion caused by climate change. They combined the travel cost method with a general equilibrium model to create a tool that can consider both direct and indirect effects of environmental changes on the economy. By integrating the utility function from the travel cost method into the model, the researchers were able to evaluate changes in price and income that were previously overlooked. Through numerical experiments with beach erosion scenarios, they confirmed that their model can provide a more comprehensive assessment of economic impacts than traditional methods.