AgEcon Search is the world's largest open access agricultural and applied economics digital library. This document is freely available to researchers worldwide due to the efforts of AgEcon Search. The paper discusses the measurement of values of extramarket goods, specifically focusing on whether indirect methods, such as the travel cost method (TC) and hypothetical valuation (HV), are biased. The travel cost method estimates the value of recreational activities by considering the costs associated with traveling to the site. However, this method assumes that travel costs are equivalent to admission fees, which may not be accurate. Additionally, the method may overlook changes in recreational quality as the number of users increases. Hypothetical valuation involves asking individuals how much they would be willing to pay or accept compensation for a recreational or extramarket good. While this method is used as an alternative to TC, it also has potential biases, such as the difficulty in accurately measuring willingness to pay and the possibility of respondents not acting on their stated preferences. The paper presents an experiment comparing TC and HV values with actual cash transaction values. The results indicate that both methods may have significant biases. The study concludes that both TC and HV measures need further refinement and that more research is needed to improve the accuracy of valuing extramarket goods. The paper also highlights the importance of considering time costs and the potential for biases in survey responses. Overall, the study suggests that recreation economics has much to learn from market economics in terms of accurately valuing non-market goods.AgEcon Search is the world's largest open access agricultural and applied economics digital library. This document is freely available to researchers worldwide due to the efforts of AgEcon Search. The paper discusses the measurement of values of extramarket goods, specifically focusing on whether indirect methods, such as the travel cost method (TC) and hypothetical valuation (HV), are biased. The travel cost method estimates the value of recreational activities by considering the costs associated with traveling to the site. However, this method assumes that travel costs are equivalent to admission fees, which may not be accurate. Additionally, the method may overlook changes in recreational quality as the number of users increases. Hypothetical valuation involves asking individuals how much they would be willing to pay or accept compensation for a recreational or extramarket good. While this method is used as an alternative to TC, it also has potential biases, such as the difficulty in accurately measuring willingness to pay and the possibility of respondents not acting on their stated preferences. The paper presents an experiment comparing TC and HV values with actual cash transaction values. The results indicate that both methods may have significant biases. The study concludes that both TC and HV measures need further refinement and that more research is needed to improve the accuracy of valuing extramarket goods. The paper also highlights the importance of considering time costs and the potential for biases in survey responses. Overall, the study suggests that recreation economics has much to learn from market economics in terms of accurately valuing non-market goods.