PKM561 Economics of Protected Areas (8)

This subject deals with aspects of environmental and natural resource economics. Particular emphasis will be placed on economic valuation and assessment methodoligies which are applicable to the management of park, recreation and heritage resources. Case studies and applications of economic techniques will be presented. Students will then be given practical experience in applying the techniques to individual problems.

Subject Outlines
Current CSU students can view Subject Outlines for recent sessions. Please note that Subject Outlines and assessment tasks are updated each session.

No offerings have been identified for this subject in 2018.

Where differences exist between the Handbook and the SAL, the SAL should be taken as containing the correct subject offering details.

Subject Information

Grading System



One session


School of Environmental Sciences

Enrolment Restrictions

Post graduate students only.

Learning Outcomes

Upon successful completion of this subject, students should:
  • have a basic understanding of the beliefs, assumptions and theories underpinning environmental economics;
  • appreciate how economics can be applied to problems of protected area management;
  • appreciate the economic components of protected area values;
  • appreciate the range of economic techniques which can be used to address environmental problems;
  • be able to critically analyse nonmarket valuation methods;
  • appreciate the strengths, weaknesses and applicability of benefit cost analysis;
  • and either:
  • demonstrate an understanding of the contingent valuation method (CVM);
  • be able to analyse methodological issues in relation to CVM;
  • be able to process and interpret data from CVM surveys;
  • or:
  • appreciate the procedures and assumptions involved in the travel cost method; and
  • be able to process and interpret data from travel cost surveys.


This subject will cover the following topics:

The subject consists of five modules which are designed to provide students with an overview of environmental economics. Module EPA/1 - Economic considerations in protected area management - Historical development of environmental economics - Environment as an economic problem - The theory of social goods - Environmental quality as a public good - Individual preferences, economics and protected area management - Pricing recreation resources Module EPA/2 - Values and evaluation - Classification of protected area values - Total economic value - Assessment of nonmarket economic values - Dose-response - Hedonic pricing - Travel cost method - Contingent valuation method - Applicability and limitations of nonmarket valuation methods Module EPA/3 - Contingent valuation - Outline of the method - Applications in the USA and Australia - Validity and accuracy of CVM results - Reliability problems - Prospects for CVM Module EPA/4 - Travel cost method - Outline of travel cost approaches to recreation valuation - Assumptions and economic basis for the method - Processing travel cost data - Valuing travel time - Case studies Module EPA/5 - Benefit cost analysis - Application of economic theory in BCA - Steps in undertaking a BCA - Accounting for time - Values and assumptions in BCA


Current Students

For any enquiries about subject selection or course structure please contact Student Central or or phone on 1800 275 278.

Prospective Students

For further information about Charles Sturt University, or this course offering, please contact info.csu on 1800 275 278 (free call within Australia) or enquire online.

The information contained in the 2018 CSU Handbook was accurate at the date of publication: August 2018. The University reserves the right to vary the information at any time without notice.