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Time is Money: Improved Valuation of Time and Transportation Costs

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Author Info
Dietrich Earnhart
Abstract

The proper valuation of time isimportant for estimating the demand for severaleconomic goods. This paper explores the propervaluation of time when estimating recreationaldemand, where time costs represent asubstantial portion of the ``purchase price''. Toestimate demand, this paper uses a travel costframework to analyze actual behavior (``revealedpreference data'') and hypothetical behavior(``stated preference data''), which is induced byhypothetical increases in access fees, traveltime, and travel distance. By comparing theresponses to these three contingencies, theanalysis adjusts and improves the valuation oftime costs. As evidence of this improvement,this analysis demonstrates a great increase inthe consistency between the revealed and stateddata. Similarly, this paper improves thevaluation of transportation-related costs. Copyright Kluwer Academic Publishers 2004

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File URL: http://hdl.handle.net/10.1023/B:EARE.0000044604.77782.6b
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Publisher Info
Article provided by European Association of Environmental and Resource Economists in its journal Environmental and Resource Economics.

Volume (Year): 29 (2004)
Issue (Month): 2 (October)
Pages: 159-190
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Handle: RePEc:kap:enreec:v:29:y:2004:i:2:p:159-190

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Related research
Keywords: preference; recreation; revealed; stated; time;

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Deacon, Robert T & Sonstelie, Jon, 1985. "Rationing by Waiting and the Value of Time: Results from a Natural Experiment," Journal of Political Economy, University of Chicago Press, vol. 93(4), pages 627-47, August. [Downloadable!] (restricted)
  2. Cameron, Trudy A. & Shaw, W. Douglass & Ragland, Shannon E. & Callaway, J. Mac & Keefe, Sally, 1996. "Using Actual And Contingent Behavior Data With Differing Levels Of Time Aggregation To Model Recreation Demand," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 21(01), July. [Downloadable!]
  3. Feather, Peter & Shaw, W. Douglass, 1999. "Estimating the Cost of Leisure Time for Recreation Demand Models," Journal of Environmental Economics and Management, Elsevier, vol. 38(1), pages 49-65, July. [Downloadable!] (restricted)
  4. Gronau, Reuben, 1973. "The Effect of Children on the Housewife's Value of Time," Journal of Political Economy, University of Chicago Press, vol. 81(2), pages S168-99, Part II, . [Downloadable!] (restricted)
  5. Jeffrey Englin & Trudy Cameron, 1996. "Augmenting travel cost models with contingent behavior data," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 7(2), pages 133-147, March. [Downloadable!] (restricted)
  6. Englin, Jeffrey & Shonkwiler, J S, 1995. "Estimating Social Welfare Using Count Data Models: An Application to Long-Run Recreation Demand under Conditions of Endogenous Stratification and Truncation," The Review of Economics and Statistics, MIT Press, vol. 77(1), pages 104-12, February. [Downloadable!] (restricted)
  7. Chavas, Jean-Paul & Stoll, John & Sellar, Christine, 1989. "On the Commodity Value of Travel Time in Recreational Activities," Applied Economics, Taylor and Francis Journals, vol. 21(6), pages 711-22, June.
  8. McFadden, Daniel, 1974. "The measurement of urban travel demand," Journal of Public Economics, Elsevier, vol. 3(4), pages 303-328, November. [Downloadable!] (restricted)
  9. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March. [Downloadable!] (restricted)
  10. Joseph A. Herriges & Catherine L. Kling & Christopher D. Azevedo, 1999. "Linking Revealed and Stated Preferences to Test External Validity," Center for Agricultural and Rural Development (CARD) Publications 99-wp222, Center for Agricultural and Rural Development (CARD) at Iowa State University. [Downloadable!]
    Other versions:
  11. Mulligan, Casey B, 1997. "Scale Economies, the Value of Time, and the Demand for Money: Longitudinal Evidence from Firms," Journal of Political Economy, University of Chicago Press, vol. 105(5), pages 1061-79, October.
  12. De Vany, Arthur, 1974. "The Revealed Value of Time in Air Travel," The Review of Economics and Statistics, MIT Press, vol. 56(1), pages 77-82, February. [Downloadable!] (restricted)
  13. Englin Jeffrey & Shonkwiler J. S., 1995. "Modeling Recreation Demand in the Presence of Unobservable Travel Costs: Toward a Travel Price Model," Journal of Environmental Economics and Management, Elsevier, vol. 29(3), pages 368-377, November. [Downloadable!] (restricted)
  14. Calfee, John & Winston, Clifford, 1998. "The value of automobile travel time: implications for congestion policy," Journal of Public Economics, Elsevier, vol. 69(1), pages 83-102, July. [Downloadable!] (restricted)
  15. Earnhart, Dietrich, 2002. "Combining Revealed and Stated Data to Examine Housing Decisions Using Discrete Choice Analysis," Journal of Urban Economics, Elsevier, vol. 51(1), pages 143-169, January. [Downloadable!] (restricted)
  16. Tversky, Amos & Kahneman, Daniel, 1991. "Loss Aversion in Riskless Choice: A Reference-Dependent Model," The Quarterly Journal of Economics, MIT Press, vol. 106(4), pages 1039-61, November. [Downloadable!] (restricted)
  17. Huang, Ju-Chin & Haab, Timothy C. & Whitehead, John C., 1997. "Willingness to Pay for Quality Improvements: Should Revealed and Stated Preference Data Be Combined?," Journal of Environmental Economics and Management, Elsevier, vol. 34(3), pages 240-255, November. [Downloadable!] (restricted)
  18. Grossbard-Shechtman, Shoshana Amyra & Neuman, Shoshana, 1988. "Women's Labor Supply and Marital Choice," Journal of Political Economy, University of Chicago Press, vol. 96(6), pages 1294-1302, December. [Downloadable!] (restricted)
  19. Adamowicz, Wiktor & Swait, Joffre & Boxall, Peter & Louviere, Jordan & Williams, Michael, 1997. "Perceptions versus Objective Measures of Environmental Quality in Combined Revealed and Stated Preference Models of Environmental Valuation," Journal of Environmental Economics and Management, Elsevier, vol. 32(1), pages 65-84, January. [Downloadable!] (restricted)
  20. Bateman, Ian J, et al, 1997. "A Test of the Theory of Reference-Dependent Preferences," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 479-505, May.
  21. Daniel J. Phaneuf & Catherine L. Kling & Joseph A. Herriges, 2000. "Estimation and Welfare Calculations in a Generalized Corner Solution Model with an Application to Recreation Demand," The Review of Economics and Statistics, MIT Press, vol. 82(1), pages 83-92, February. [Downloadable!] (restricted)
    Other versions:
  22. Shaw, Daigee, 1988. "On-site samples' regression : Problems of non-negative integers, truncation, and endogenous stratification," Journal of Econometrics, Elsevier, vol. 37(2), pages 211-223, February. [Downloadable!] (restricted)
  23. Hochman, Oded & Ofek, Haim, 1977. "The Value of Time in Consumption and Residential Location in an Urban Setting," American Economic Review, American Economic Association, vol. 67(5), pages 996-1003, December. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Amoako-Tuffour, Joe & Martınez-Espineira, Roberto, 2008. "Leisure and the Opportunity Cost of Travel Time in Recreation Demand Analysis: A Re-Examination," MPRA Paper 8573, University Library of Munich, Germany. [Downloadable!]
  2. Isabel Mendes & Isabel Proença, 2009. "Measuring the Social Recreation Per-Day Net Benefit of Wildlife Amenities of a National Park: A Count-Data Travel Cost Approach," Working Papers 2009/35, Department of Economics at the School of Economics and Management (ISEG), Technical University of Lisbon.. [Downloadable!]
  3. Roberto Martinez-Espineira & Joe Amoako-Tuffour, 2005. "Recreation Demand Analysis under Truncation, Overdispersion, and Endogenous Stratification: An Application to Gros Morne National Park," Econometrics 0511007, EconWPA. [Downloadable!]
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