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Recreation Demand Choices and Revealed Values of Leisure Time

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  • Douglas M. Larson
  • Sabina L. Shaikh
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    Abstract

    An approach to jointly estimating an endogenous marginal value of time function and a recreation budget share equation is developed. The specification requirements for the marginal value of time function, to ensure consistency with the maintained hypothesis of two binding constraints on choice, are articulated. The estimating model consistent with these requirements that nests several conventional treatments of the marginal value of time is highly significant. The general endogenous marginal value of time model outperforms other approaches and shows a more complex relationship between the marginal value of time and the individual's wage than has been used in previous work. (JEL J22, Q26) Copyright 2004, Oxford University Press.

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    Bibliographic Info

    Article provided by Western Economic Association International in its journal Economic Inquiry.

    Volume (Year): 42 (2004)
    Issue (Month): 2 (April)
    Pages: 264-278

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    Handle: RePEc:oup:ecinqu:v:42:y:2004:i:2:p:264-278

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    Cited by:
    1. Shigeru Matsumoto, 2014. "Spouses’ time allocation to pro-environmental activities: who is saving the environment at home?," Review of Economics of the Household, Springer, vol. 12(1), pages 159-176, March.
    2. Crooker, John R., 2007. "Nonparametric Bounds on Welfare with Measurement Error in Prices: Techniques for Non-Market Resource Valuation," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 36(2), October.
    3. 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 Department of Economics 2009/35, ISEG - School of Economics and Management, Department of Economics, University of Lisbon.
    4. Larson, Douglas M. & Lew, Daniel K., 2005. "Measuring the utility of ancillary travel: revealed preferences in recreation site demand and trips taken," Transportation Research Part A: Policy and Practice, Elsevier, vol. 39(2-3), pages 237-255.
    5. Siikamäki, Juha, 2009. "Use of Time for Outdoor Recreation in the United States, 1965-2007," Discussion Papers dp-09-18, Resources For the Future.
    6. Lew, Daniel K. & Larson, Douglas M., 2005. "Accounting for stochastic shadow values of time in discrete-choice recreation demand models," Journal of Environmental Economics and Management, Elsevier, vol. 50(2), pages 341-361, September.
    7. Guang-Zhen Sun & Yew-Kwang Ng, 2009. "The age-dependent value of time: a life cycle analysis," Journal of Economics, Springer, vol. 97(3), pages 233-250, July.
    8. Roberto Martinez-Espineira & Joe Amoako-Tuffour, 2008. "Multi-destination and multi-purpose trip effects in the analysis of the demand for trips to a remote recreational site," EERI Research Paper Series EERI_RP_2008_19, Economics and Econometrics Research Institute (EERI), Brussels.

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