Meta-analytic benefit transfer of outdoor recreation economic values: Testing out-of-sample convergent validity

A benefit transfer approach to recreation economic valuation using meta-analysis is examined. Since the meta-regression model takes into account some of the study specific effects on willingness to pay (WTP) estimates, benefit transfer using meta-analysis could yield a valid WTP estimate of unstudied recreation resources. The convergent validity of the meta-analytic benefit transfer is tested using out-of-sample original studies from the U. S. The analyses are performed using percentage difference, paired t-test, regression and correlation tests. The tests reveal mixed results on convergence between estimated WTP using meta-analytic benefit transfer function (BTF) and out-of-sample original WTP values. There is a fairly high percentage difference between the estimated and original WTP values (80-88%), and the mean differences are statistically significant as shown by paired t-tests. However, correlation and regression results consistently show significant positive relationships between national BTF estimated and original WTP values indicating some level of convergence. The results show that the national BTF outperform the regional BTF indicating a potential of the national BTF for recreation benefit transfer when a "first best" primary valuation study is not affordable.