Closely Related Good Prices in the Travel Cost Model

John R. McKean, Richard G. Walsh and Donn M. Johnson

American Journal of Agricultural Economics, 1996, vol. 78, issue 3, 640-646

Abstract: This travel cost demand study included prices for closely related goods such as money and time costs of on-site time, on-site purchases, and other trip activities. A disequilibrium labor market model was estimated. The sample was mainly composed of persons who did not substitute earned income for leisure time. The few persons who had the capability to substitute time for money were excluded from the sample. Consumer surplus was estimated to be $69 per trip using the expanded model. A model using only the conventional travel cost variables resulted in estimated surplus per trip of $45. Copyright 1996, Oxford University Press.

Date: 1996
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