The value of leisure time of weekends and long holidays: The multiple discrete–continuous extreme value (MDCEV) choice model with triple constraints

Koichi Kuriyama, Yasushi Shoji and Takahiro Tsuge

Journal of choice modelling, 2020, vol. 37, issue C

Abstract: In this study, we apply the multiple discrete–continuous extreme value (MDCEV) model with triple constraints to identify the value of leisure time during weekends and long holidays. Our approach models the economic behavior of leisure trips with the triple constraints of budget, duration of weekend, and duration of holiday. The econometric model is developed to construct an estimation using the observed allocation of goods and time between a weekend and a long holiday. Our proposed approach models endogenous time allocation and analyzes the substitution effect between weekends and long holidays. Furthermore, we solve a system of nonlinear equations using the Karush-Kuhn-Tucker condition and the Markov Chain Monte Carlo (MCMC) method, which constructs the value of leisure times, demand prediction, and welfare analysis. Finally, we apply the proposed model to the recreation demand for national parks in Japan. The results suggest a significantly large difference in the value of leisure time between weekends and long holidays with low substitution effects between them.

Keywords: Value of time; Multiple discrete–continuous models; Recreation demand; Demand system; Welfare analysis (search for similar items in EconPapers)
JEL-codes: Q26 Q51 R41 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:eejocm:v:37:y:2020:i:c:s1755534520300361

DOI: 10.1016/j.jocm.2020.100238

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