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Leisure and the net opportunity cost of travel time in recreation demand analysis: An application to Gros Morne National Park

Author

Listed:
  • Joe Amoako-Tuffour

    (St. Francis Xavier University)

  • Roberto Martínez-Espiñeira

    (Memorial University of Newfoundland)

Abstract

Using count data models that account for zero-truncation, overdispersion, and endogenous stratification, we estimate the value of access to recreational parks. The focus is on the empirical estimation of the proportion of the wage rate that best approximates park visitors’ opportunity cost of travel time within the cost of their 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. In this case, which deals with a relatively remote recreational site, the relevant opportunity cost of time for most visitors appears to represent a smaller fraction of their wage rate than commonly assumed in previous similar studies.

Suggested Citation

  • Joe Amoako-Tuffour & Roberto Martínez-Espiñeira, 2012. "Leisure and the net opportunity cost of travel time in recreation demand analysis: An application to Gros Morne National Park," Journal of Applied Economics, Universidad del CEMA, vol. 15, pages 25-49, May.
  • Handle: RePEc:cem:jaecon:v:15:y:2012:n:1:p:25-49
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    Cited by:

    1. King, Steven & Fraser, Iain, 2013. "Divestment of the English Forestry Estate: An economically sound choice?," Ecological Economics, Elsevier, vol. 88(C), pages 25-31.
    2. Stephen Hynes & William Greene, 2016. "Preference Heterogeneity in Contingent Behaviour Travel Cost Models with On-site Samples: A Random Parameter vs. a Latent Class Approach," Journal of Agricultural Economics, Wiley Blackwell, vol. 67(2), pages 348-367, June.
    3. Boncinelli, Fabio & Riccioli, Francesco & Marone, Enrico, 2015. "Do forests help to keep my body mass index low?," Forest Policy and Economics, Elsevier, vol. 54(C), pages 11-17.
    4. Simões, Paula & Barata, Eduardo & Cruz, Luís, 2013. "Joint estimation using revealed and stated preference data: An application using a national forest," Journal of Forest Economics, Elsevier, vol. 19(3), pages 249-266.
    5. Yoon Lee & Hwansuk Kim & Yongsuk Hong, 2016. "Revealed Preference and Effectiveness of Public Investment in Ecological River Restoration Projects: An Application of the Count Data Model," Sustainability, MDPI, Open Access Journal, vol. 8(4), pages 1-13, April.

    More about this item

    Keywords

    opportunity cost of travel time; endogenous stratification; on-site sampling; overdispersion; recreation demand; travel cost method;

    JEL classification:

    • Q24 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Land
    • Q26 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Recreational Aspects of Natural Resources

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