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Leisure and the net opportunity cost of travel time in recreation demand analysis: An application to Gros Morne National Park

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Author Info

  • Joe Amoako-Tuffour

    (St. Francis Xavier University)

  • Roberto Martínez-Espiñeira

    (Memorial University of Newfoundland)

Abstract

Using count data models that account for zero-truncation, overdispersion, and endogenous stratification, we estimate the value of access to recreational parks. The focus is on the empirical estimation of the proportion of the wage rate that best approximates park visitors’ opportunity cost of travel time within the cost of their 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. In this case, which deals with a relatively remote recreational site, the relevant opportunity cost of time for most visitors appears to represent a smaller fraction of their wage rate than commonly assumed in previous similar studies.

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File URL: http://www.ucema.edu.ar/publicaciones/download/volume15/amoako.pdf
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Bibliographic Info

Article provided by Universidad del CEMA in its journal Journal of Applied Economics.

Volume (Year): XV (2012)
Issue (Month): (May)
Pages: 25-49

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Handle: RePEc:cem:jaecon:v:15:y:2012:n:1:p:25-49

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Related research

Keywords: opportunity cost of travel time; endogenous stratification; on-site sampling; overdispersion; recreation demand; travel cost method;

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Cited by:
  1. Simões, Paula & Barata, Eduardo & Cruz, Luís, 2013. "Joint estimation using revealed and stated preference data: An application using a national forest," Journal of Forest Economics, Elsevier, vol. 19(3), pages 249-266.
  2. King, Steven & Fraser, Iain, 2013. "Divestment of the English Forestry Estate: An economically sound choice?," Ecological Economics, Elsevier, vol. 88(C), pages 25-31.

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