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| Acharya, Ram N.; Hatch, L. Upton; Clonts, Howard A.. |
| Treatment of time in travel cost models has been a source of contention among economists. The debate persists because welfare estimates, which are the principal objectives of these studies, are highly sensitive to the treatment of time. The present study examines the dual role of on-site time using evidence from two wilderness areas in Alabama. The empirical results comply with the theoretical expectation that on-site time is both a source of utility and cost. The exclusion of on-site time from demand functions results in biased parameter estimates. In particular, it yields smaller own-price coefficients and higher welfare estimates. |
| Tipo: Journal Article |
Palavras-chave: Full income; On-site time; Recreation demand; Travel cost model; C24; D60; J20; Q26. |
| Ano: 2003 |
URL: http://purl.umn.edu/37857 |
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| Casey, James F.; Vukina, Tomislav; Danielson, Leon E.. |
| The paper tests two alternative specifications for the opportunity cost of time in travel cost models. The standard travel cost survey design is enriched to include a contingent valuation type question about peoples' willingness to accept compensation to forgo a precisely defined recreational experience. It is hypothesized that individually revealed value of time more appropriately reflects the opportunity costs of time associated with a particular aspect of recreation than the wage rate which measures the trade-off between work and leisure generally. The results seem to indicate a better overall fit for the models with the elicited value of individual consumer's time than for the models with the more traditional hourly earnings (wage rates). The... |
| Tipo: Journal Article |
Palavras-chave: Recreation demand; Travel cost model; Value of time; Resource /Energy Economics and Policy. |
| Ano: 1995 |
URL: http://purl.umn.edu/15282 |
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