Valuing Idaho Wineries With A Travel Cost Model
AbstractMany commercial wineries produce a dual product; commercial wine and wine tourism. Growth of wine tourism throughout the US has been phenomenal. In contrast to the price of wine, which is reflected in the market, the demand for wine tourism can be only ascertained with a shadow price for winery visitation. The demand for wine tourism visits for Canyon County in southern Idaho was estimated using the Travel Cost Method. The value of wine tourism in Canyon County was estimated to be $5.40 per person per trip and trip demand was highly inelastic at 0.5. Elasticities of other trip demand function variables were estimated and analyzed, with a view to informing the marketing of Idaho's emerging wine tourism industry.
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Bibliographic InfoPaper provided by Western Agricultural Economics Association in its series 2002 Annual Meeting, July 28-31, 2002, Long Beach, California with number 36613.
Date of creation: 2002
Date of revision:
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