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Time is Money: Improved Valuation of Time and Transportation Costs

Dietrich Earnhart

Environmental & Resource Economics, 2004, vol. 29, issue 2, 159-190

Abstract: The proper valuation of time isimportant for estimating the demand for severaleconomic goods. This paper explores the propervaluation of time when estimating recreationaldemand, where time costs represent asubstantial portion of the ``purchase price''. Toestimate demand, this paper uses a travel costframework to analyze actual behavior (``revealedpreference data'') and hypothetical behavior(``stated preference data''), which is induced byhypothetical increases in access fees, traveltime, and travel distance. By comparing theresponses to these three contingencies, theanalysis adjusts and improves the valuation oftime costs. As evidence of this improvement,this analysis demonstrates a great increase inthe consistency between the revealed and stateddata. Similarly, this paper improves thevaluation of transportation-related costs. Copyright Kluwer Academic Publishers 2004

Keywords: preference; recreation; revealed; stated; time (search for similar items in EconPapers)
Date: 2004
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DOI: 10.1023/B:EARE.0000044604.77782.6b

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