Valuing recreational salmon fishing at a remote site in Finland: A travel cost analysis

The River Teno is the most visited river for recreational wild salmon fishing in Finland and is one of the most productive wild salmon rivers in Northern Europe. Despite the popularity of recreational fishing in the area, no estimates are available for its economic value. This study uses a travel cost recreation demand model to estimate the recreational value of salmon fishing in the Teno river area. Following a two-step estimation procedure outlined by McConnell, we show that on-site time per trip is endogenous. The estimated consumer surplus per trip ranges from 235 to 338 euros. The estimated total recreational value of salmon fishing in the area is 2.6-3.7 million euros. Also, according to the empirical results, the number of fishing trips per angler is strongly affected by the angler's previous salmon catch in the Teno river area, which underlines the importance of the proper and sustainable management of recreational salmon fisheries.