Frequency and time in recreational demand

Arnar Buason, Kristin Eiriksdottir, Dadi Kristofersson and Kyrre Rickertsen

Journal of Environmental Economics and Policy, 2021, vol. 10, issue 1, 1-13

Abstract: In the standard single-site travel cost model, it is assumed that time spent on-site is exogenous. This assumption results in a willingness to pay (WTP) for time on-site of zero, which may be less realistic for many urban parks that are frequently visited by local residents. We develop a single-site travel cost model where a visitor simultaneously chooses the number of visits and how much time to spend on-site. In this model, the WTP estimate includes the price of the trip and the price of time spent on-site. Next, we develop a two-part hurdle model with non-zero correlation between the number of trips and time spent on-site. We use data gathered in an urban park in Iceland to estimate the model. The estimated WTP values are more than twice as high as the estimates of the standard single-site model.

Date: 2021
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DOI: 10.1080/21606544.2020.1738963

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