Intertemporal Substitution in Travel Cost Models with Seasonal Time Constraints

Patrick Lloyd-Smith, Joshua K. Abbott, Wiktor Adamowicz and Daniel Willard

Land Economics, 2020, vol. 96, issue 3

Abstract: Travel cost models using the wage rate to value time make the implicit assumption that the value of time is equalized throughout the year. We develop a seasonal travel cost model that allows the value of time to vary by season. We estimate the model using data from a survey of recreational anglers in the Gulf of Mexico. We find that people’s value of time is 55% larger on average in the summer compared to other times of year and find substantial differences in derived welfare estimates if a time-constant value of time measure is used instead.

JEL-codes: Q26 Q51 (search for similar items in EconPapers)
Date: 2020
Note: DOI: 10.3368/le.96.3.399
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:uwp:landec:v:96:y:2020:1:3:p:399-417

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