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Alternative Approaches to Incorporating the Opportunity Cost of Time in Recreation Demand Models

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  • Christopher Azevedo

    ()
    (University of Central Missouri)

  • John R. Crooker

    ()
    (University of Central Missouri)

Abstract

The importance of accounting for a respondent’s travel time in recreation demand models is well established. In practice, most analysts use a fixed fraction of the respondent’s wage rate to value travel time. However, other approaches have been suggested in the literature. In this paper revealed and stated preference data on Iowa wetland usage is used to explore various specifications of travel time. It is shown that the choice of a particular specification has a direct impact on welfare estimates as well as the consistency between revealed and stated preference data.

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File URL: http://faculty.ucmo.edu/econfinpapers/wpaper/wp0803.pdf
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Bibliographic Info

Paper provided by University of Central Missouri, Department of Economics & Finance in its series Working Papers with number 0803.

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Length: 29 pages
Date of creation: May 2008
Date of revision: May 2008
Handle: RePEc:umn:wpaper:0803

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  1. Dickie, M. & Fisher, A. & Gerking, S.D., 1987. "Market transactions and hypothetical demand data: A comparative study," Open Access publications from Tilburg University urn:nbn:nl:ui:12-4628501, Tilburg University.
  2. Alan Randall, 1994. "Difficulty with the Travel Cost Method," Land Economics, University of Wisconsin Press, vol. 70(1), pages 88-96.
  3. V. Kerry Smith & William H. Desvousges & Matthew P. McGivney, 1983. "The Opportunity Cost of Travel Time in Recreation Demand Models," Land Economics, University of Wisconsin Press, vol. 59(3), pages 259-278.
  4. Hellerstein, Daniel & Feather, Peter, 1997. "Calibrating Benefit Function Transfer to Assess the Conservation Reserve Program," MPRA Paper 25357, University Library of Munich, Germany.
  5. Cameron, Trudy Ann & Poe, Gregory L. & Ethier, Robert G. & Schulze, William D., 2002. "Alternative Non-market Value-Elicitation Methods: Are the Underlying Preferences the Same?," Journal of Environmental Economics and Management, Elsevier, vol. 44(3), pages 391-425, November.
  6. 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.
  7. Christopher D. Azevedo & Joseph A. Herriges & Catherine L. Kling, 2003. "Combining Revealed and Stated Preferences: Consistency Tests and Their Interpretations," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 85(3), pages 525-537.
  8. Adamowicz W. & Louviere J. & Williams M., 1994. "Combining Revealed and Stated Preference Methods for Valuing Environmental Amenities," Journal of Environmental Economics and Management, Elsevier, vol. 26(3), pages 271-292, May.
  9. Peter A. Diamond & Jerry A. Hausman, 1994. "Contingent Valuation: Is Some Number Better than No Number?," Journal of Economic Perspectives, American Economic Association, vol. 8(4), pages 45-64, Fall.
  10. Trudy Ann Cameron, 1992. "Combining Contingent Valuation and Travel Cost Data for the Valuation of Nonmarket Goods," Land Economics, University of Wisconsin Press, vol. 68(3), pages 302-317.
  11. John Loomis & Armando Gonzalez-Caban & Robin Gregory, 1994. "Do Reminders of Substitutes and Budget Constraints Influence Contingent Valuation Estimates?," Land Economics, University of Wisconsin Press, vol. 70(4), pages 499-506.
  12. Weninger, Quinn & Herriges, Joseph A. & Kling, Catherine L. & McConnell, Kenneth & Strand, Ivar, 1999. "Joint Estimation of Contingent Valuation and Truncated Recreational Demands," Staff General Research Papers 5349, Iowa State University, Department of Economics.
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