Alternative Approaches to Incorporating the Opportunity Cost of Time in Recreation Demand Models
Christopher Azevedo () and
John Crooker ()
Working Papers from University of Central Missouri, Department of Economics & Finance
The importance of accounting for a respondent’s travel time in recreation demand models is well established. In practice, most analysts use a fixed fraction of the respondent’s wage rate to value travel time. However, other approaches have been suggested in the literature. In this paper revealed and stated preference data on Iowa wetland usage is used to explore various specifications of travel time. It is shown that the choice of a particular specification has a direct impact on welfare estimates as well as the consistency between revealed and stated preference data.
Pages: 29 pages
Date: 2008-05, Revised 2008-05
New Economics Papers: this item is included in nep-lab and nep-tur
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Persistent link: https://EconPapers.repec.org/RePEc:umn:wpaper:0803
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