This document introduces AgEcon Search, a digital library for open access to agricultural and applied economics research. It highlights the importance of supporting the sustainability of AgEcon Search through donations. The paper "Measuring Values of Extramarket Goods: Are Indirect Measures Biased?" by Richard C. Bishop and Thomas A. Heberlein discusses the limitations and biases of two methods used to value extramarket goods: the travel cost method (TC) and hypothetical valuation (HV). TC, which estimates the cost of travel to a recreational site, and HV, which uses surveys to elicit willingness to pay or accept compensation, are both indirect methods that do not rely on direct price and quantity data. The authors review potential sources of bias in these methods, including the assumption that travel costs are equivalent to admission fees, the neglect of quality changes with increasing density, and the challenges of handling multiple-purpose or multiple-site trips. An experiment comparing TC and HV values to actual cash transactions for goose hunting permits in Wisconsin found significant biases in both methods. The results suggest that HV willingness to pay is a lower bound and HV willingness to sell is an upper bound, indicating that both measures are biased but in opposite directions. The study also highlights the need for better accounting of time costs and the importance of considering differences in tastes and substitutes. The authors conclude that recreation economics requires more research to improve the accuracy of both TC and HV measures and to develop new approaches for valuing extramarket goods.This document introduces AgEcon Search, a digital library for open access to agricultural and applied economics research. It highlights the importance of supporting the sustainability of AgEcon Search through donations. The paper "Measuring Values of Extramarket Goods: Are Indirect Measures Biased?" by Richard C. Bishop and Thomas A. Heberlein discusses the limitations and biases of two methods used to value extramarket goods: the travel cost method (TC) and hypothetical valuation (HV). TC, which estimates the cost of travel to a recreational site, and HV, which uses surveys to elicit willingness to pay or accept compensation, are both indirect methods that do not rely on direct price and quantity data. The authors review potential sources of bias in these methods, including the assumption that travel costs are equivalent to admission fees, the neglect of quality changes with increasing density, and the challenges of handling multiple-purpose or multiple-site trips. An experiment comparing TC and HV values to actual cash transactions for goose hunting permits in Wisconsin found significant biases in both methods. The results suggest that HV willingness to pay is a lower bound and HV willingness to sell is an upper bound, indicating that both measures are biased but in opposite directions. The study also highlights the need for better accounting of time costs and the importance of considering differences in tastes and substitutes. The authors conclude that recreation economics requires more research to improve the accuracy of both TC and HV measures and to develop new approaches for valuing extramarket goods.