The Effects of Demographic Variables on Measuring the Cost of Time in Recreation Demand Analysis

Huei-Yann Jeng and Leroy J. Hushak

No 270498, 1989 Annual Meeting, July 30-August 2, Baton Rouge, Louisiana from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: The McConnell and Strand Method in evaluating time cost in recreational model requires that the percentage of average income at which individual values recreational time be constant for all sample observations.· We modify the McConnell and Strand model which allows the value of time cost to vary with the individual's demographic characteristics. Economic value estimates of Ohio's Lake Erie private-boat fishing with and without demographic factors are compared. Consumer's surplus is over-estimated when demographic factors are excluded.

Keywords: Demand and Price Analysis; Environmental Economics and Policy; Public Economics (search for similar items in EconPapers)
Pages: 13
Date: 1989-07-30
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea89:270498

DOI: 10.22004/ag.econ.270498

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