Leisure and the Opportunity Cost of Travel Time in Recreation Demand Analysis: A Re-Examination

Joe Amoako-Tuffour and Roberto Martinez-Espineira ()

MPRA Paper from University Library of Munich, Germany

Abstract: Using count data models that account for zero-truncation, overdispersion, and endogenous stratification, this paper estimates the value of access to recreational parks. The focus is on the valuation of the opportunity cost of travel time within the cost of the trip and its effects on estimated consumer surplus. The fraction of hourly earnings that corresponds to the opportunity cost of travel time is endogenously estimated as a function of visitor characteristics, rather than fixed exogenously. We find that the relevant opportunity cost of time for most visitors represents a smaller fraction of their wage rate than commonly assumed previously.

Keywords: value of time; endogenous stratification; on-site sampling; overdispersion; recreation demand; travel cost method (search for similar items in EconPapers)
JEL-codes: Q00 Q51 (search for similar items in EconPapers)
Date: 2008
New Economics Papers: this item is included in nep-env, nep-lab and nep-tur
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

Downloads: (external link)
https://mpra.ub.uni-muenchen.de/8573/1/MPRA_paper_8573.pdf original version (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:8573

Access Statistics for this paper

More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter ().