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Leisure and the Opportunity Cost of Travel Time in Recreation Demand Analysis: A Re-Examination

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Author Info
Amoako-Tuffour, Joe
Martınez-Espineira, Roberto

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Abstract

Using count data models that account for zero-truncation, overdispersion, and endogenous stratification, this paper estimates the value of access to recreational parks. The focus is on the valuation of the opportunity cost of travel time within the cost of the trip and its effects on estimated consumer surplus. The fraction of hourly earnings that corresponds to the opportunity cost of travel time is endogenously estimated as a function of visitor characteristics, rather than fixed exogenously. We find that the relevant opportunity cost of time for most visitors represents a smaller fraction of their wage rate than commonly assumed previously.

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File URL: http://mpra.ub.uni-muenchen.de/8573/
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 8573.

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Date of creation: 2008
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Handle: RePEc:pra:mprapa:8573

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Related research
Keywords: value of time endogenous stratification on-site sampling overdispersion recreation demand travel cost method

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Find related papers by JEL classification:
Q00 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - General
Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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  1. Joseph Hilbe, 2005. "GNBSTRAT: Stata module to estimate Generalized Negative Binomial with Endogenous Stratification," Statistical Software Components S456413, Boston College Department of Economics. [Downloadable!]
  2. 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)
  3. Shrestha, Ram K. & Seidl, Andrew F. & Moraes, Andre S., 2002. "Value of recreational fishing in the Brazilian Pantanal: a travel cost analysis using count data models," Ecological Economics, Elsevier, vol. 42(1-2), pages 289-299, August. [Downloadable!] (restricted)
  4. John A. Curtis, 2002. "Estimating the Demand for Salmon Angling in Ireland," The Economic and Social Review, Economic and Social Studies, vol. 33(3), pages 319-332. [Downloadable!]
  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. Dietrich Earnhart, 2004. "Time is Money: Improved Valuation of Time and Transportation Costs," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 29(2), pages 159-190, October. [Downloadable!] (restricted)
  7. M.S. Common, 1973. "A note on the use of the Clawson method for the evaluation of recreation site benefits," Regional Studies, Taylor and Francis Journals, vol. 7(4), pages 401-406, December. [Downloadable!] (restricted)
  8. 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)
  9. Bell, Frederick W. & Leeworthy, Vernon R., 1990. "Recreational demand by tourists for saltwater beach days," Journal of Environmental Economics and Management, Elsevier, vol. 18(3), pages 189-205, May. [Downloadable!] (restricted)
  10. F.J. Cesario & J.L. Knetsch, 1976. "A recreation site demand and benefit estimation model," Regional Studies, Taylor and Francis Journals, vol. 10(1), pages 97-104, March. [Downloadable!] (restricted)
  11. Grogger, J T & Carson, Richard T, 1991. "Models for Truncated Counts," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 6(3), pages 225-38, July-Sept. [Downloadable!] (restricted)
  12. Gurmu, Shiferaw & Trivedi, Pravin K, 1996. "Excess Zeros in Count Models for Recreational Trips," Journal of Business & Economic Statistics, American Statistical Association, vol. 14(4), pages 469-77, October.
  13. 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)
  14. Joseph Hilbe & Roberto Martinez-Espineira, 2005. "NBSTRAT: Stata module to estimate Negative Binomial with Endogenous Stratification," Statistical Software Components S456414, Boston College Department of Economics. [Downloadable!]
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