The economic value of novel means of ascending high mountain peaks: a travel cost demand model of Pikes Peak cog railway riders, automobile users and hikers

In addition to hiking trails, some peaks have alternative transportation routes such as cog railways, trams or roads to reach the summit. The authors use a count data travel cost model to estimate the recreational demand for traditional and novel means of ascending Pikes Peak in Colorado. Their analysis shows statistically significant differences in the demand curve slopes and in the net willingness to pay (consumer surplus) for three categories of recreationists who take alternative means to ascend the mountain. The more exotic or unique the means of ascent, the higher the visitor benefits are. Cog railway and automobile users and those ascending by hiking receive consumer surpluses of US$98, US$54 and US$31, respectively, per day trip.