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Estimating the Value of Travel Time to Recreational Sites Using Revealed Preferences

Carlo Fezzi and Ian Bateman
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Carlo Fezzi: CSERGE, School of Environmental Sciences, University of East Anglia

No 2013.64, Working Papers from Fondazione Eni Enrico Mattei

Abstract: The opportunity Value of Travel Time (VTT) is one of the most important parts of the total cost of day-long recreational activities and arguably the most difficult to estimate. While numerous studies have criticized the use of salaries to proxy the relevant shadow values, a consensus on an alternative measure still has to emerge. This paper uses a revealed preference approach to estimate the VTT for recreational trips by modeling individuals' preferences for toll roads and deriving their willingness-to-pay to reduce travel time. Our case-study sites are three beaches located in the Italian Riviera Romagnola, whose road network is a mix of toll and free access roads. By carrying-out face-to-face interviews, we reconstruct respondents' routes, indentify their time-cost trade-offs and ultimately estimate their VTT. Results show considerable heterogeneity in values with the VTT for day-long recreational visits being significantly higher than the one of longer holidays.

Keywords: Value of Time; Value of Travel Time Savings; Recreation Demand Models; Revealed Preferences; Willingness to Pay Space (search for similar items in EconPapers)
JEL-codes: Q50 (search for similar items in EconPapers)
Date: 2013-06
New Economics Papers: this item is included in nep-dcm, nep-tre, nep-tur and nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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