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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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