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Valuing Time in Travel Cost Demand Analysis: An Empirical Investigation

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  • John R. McKean
  • Donn M. Johnson
  • Richard G. Walsh
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    Abstract

    The opportunity cost of time is usually a significant part of the price variable in the travel cost demand model. Thus, its accurate measurement is important to the estimation of demand and benefit valuation for nonmarket resources. This paper empirically tests models which assume that income is the basis for opportunity time cost with an alternative "pooled" model based on a disequilibrium labor market for some recreationists. Acceptance of the hypothesis that disequilibrium models may be necessary for some individuals implies increased survey information requirements so that the appropriate model can be applied to each individual.

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    Bibliographic Info

    Article provided by University of Wisconsin Press in its journal Land Economics.

    Volume (Year): 71 (1995)
    Issue (Month): 1 ()
    Pages: 96-105

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    Handle: RePEc:uwp:landec:v:71:y:1995:i:1:p:96-105

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    Web page: http://le.uwpress.org/

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    Cited by:
    1. K. Willis & J. Snowball & C. Wymer & José Grisolía, 2012. "A count data travel cost model of theatre demand using aggregate theatre booking data," Journal of Cultural Economics, Springer, vol. 36(2), pages 91-112, May.
    2. Fezzi, Carlo & Bateman, Ian J. & Ferrini, Silvia, 2014. "Using revealed preferences to estimate the Value of Travel Time to recreation sites," Journal of Environmental Economics and Management, Elsevier, vol. 67(1), pages 58-70.
    3. Johnson, Donn M. & McKean, John R. & Taylor, R. Garth, 2000. "Estimating The Value Of Recreation On The Snake River Reservoirs Using A Disequilibrium Travel Cost Model," 2000 Annual Meeting, June 29-July 1, 2000, Vancouver, British Columbia 36523, Western Agricultural Economics Association.
    4. Gonzales, Eric Justin, 2011. "Allocation of Space and the Costs of Multimodal Transport in Cities," University of California Transportation Center, Working Papers qt7s28n4nj, University of California Transportation Center.
    5. P. Poor & Jamie Smith, 2004. "Travel Cost Analysis of a Cultural Heritage Site: The Case of Historic St. Mary's City of Maryland," Journal of Cultural Economics, Springer, vol. 28(3), pages 217-229, August.
    6. Bengochea, A., 2003. "Valoración del uso recreativo de un espacio natural," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 21, pages 321-338, Agosto.
    7. Michael Kremer & Jessica Leino & Edward Miguel & Alix Peterson Zwane, 2009. "Spring Cleaning: Rural Water Impacts, Valuation and Property Rights Institutions," NBER Working Papers 15280, National Bureau of Economic Research, Inc.
    8. McKean, John R. & Johnson, Donn M. & Taylor, R. Garth, 2001. "The Value Of Sport Fishing In The Snake River Basin Of Central Idaho," 2001 Annual Meeting, July 8-11, 2001, Logan, Utah 36190, Western Agricultural Economics Association.
    9. García De La Fuente, L. & Colina Vuelta, A., 2004. "Métodos directos e indirectos en la valoración económica de bienes ambientales, aplicación al valor de uso recreativo del Parque Natural de Somiedo," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 22, pages 1-26, Diciembre.
    10. Common, Mick S. & Bull, Tim & Stoeckl, Natalie, 1999. "The Travel Cost Method: an empirical investigation of Randall's Difficulty," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 43(4), December.
    11. Edwards, Peter E.T. & Parsons, George R. & Myers, Kelley H., 2011. "The economic value of viewing migratory shorebirds on the Delaware Bay: An application of the single site travel cost model using on-site data," MPRA Paper 35832, University Library of Munich, Germany.
    12. McKercher, Bob & Wong, Celia & Lau, Gigi, 2006. "How tourists consume a destination," Journal of Business Research, Elsevier, vol. 59(5), pages 647-652, May.
    13. Gonzales, Eric Justin, 2011. "Allocation of Space and the Costs of Multimodal Transport in Cities," University of California Transportation Center, Working Papers qt07x7h9pg, University of California Transportation Center.
    14. Ovaskainen, Ville & Neuvonen, Marjo & Pouta, Eija, 2012. "Modelling recreation demand with respondent-reported driving cost and stated cost of travel time: A Finnish case," Journal of Forest Economics, Elsevier, vol. 18(4), pages 303-317.
    15. Beal, Diana J., 1995. "A Travel Cost Analysis of the Value of Carnarvon Gorge National Park for Recreational Use," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 63(02), August.
    16. 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.
    17. Parroco, Anna Maria & Vaccina, Franco & De Cantis, Stefano & Ferrante, Mauro, 2012. "Multi-destination trips: A survey on incoming zourism in Sicily," Economics Discussion Papers 2012-21, Kiel Institute for the World Economy.
    18. Parroco, Anna Maria & Vaccina, Franco & De Cantis, Stefano & Ferrante, Mauro, 2012. "Multi-destination trips and tourism statistics: Empirical evidences in Sicily," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 6(44), pages 1-27.
    19. 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.

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