Hedonic Onsight Cost Model of Recreation Demand
AbstractFor many recreational activities onsite pecuniary costs can be a significant portion of the cost of a recreational trip. Onsite expenditures, however, often depend upon endogenous quality choices made by the household. We formulate a recreation demand model that formally accounts for household selection of quality of onsite time. Household behavior is constrained by income, prices, and the onsite hedonic price schedule. Assuming complete optimization, a reduced form Marshallian demand curve for recreation trips still results and a specialized version of Roy’s Identity provides a basis for welfare analysis. Instrumenting for endogenous quality choices does not improve demand estimation.
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Bibliographic InfoArticle provided by University of Wisconsin Press in its journal Land Economics.
Volume (Year): 83 (2007)
Issue (Month): 2 ()
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Web page: http://le.uwpress.org/
Find related papers by JEL classification:
- Q26 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Recreational Aspects of Natural Resources
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