¥ Benefit
transfer is typically less costly than conducting an original valuation study.
¥ Economic benefits can be estimated more quickly than when
undertaking an original valuation
study.
¥ The method can be used as a screening technique to determine
if a more detailed, original valuation
study should be conducted.
¥ The method can easily and quickly be applied for making gross
estimates of recreational values. The more similar the sites and the recreational experiences,
the fewer biases will result.
Issues and
Limitations
¥ Benefit
transfer may not be accurate, except for making gross estimates of recreational
values, unless the sites share all of the
site, location, and user specific characteristics.
¥ Good studies for the policy or issue in question may not be
available.
¥ It may be difficult to track down appropriate studies, since
many are not published.
¥ Reporting of existing studies may be inadequate to make the
needed adjustments.
¥ Adequacy of existing studies may be difficult to assess.
¥ Extrapolation beyond the range of characteristics of the
initial study is not recommended.
¥ Benefit transfers can only be as accurate as the initial
value estimate.
¥ Unit value estimates can quickly become dated.