A portfolio choice model of the demand for recreational trips
Consumer choices of recreational trip-making involve a number of related decisions, including destination, trip frequency, length and timing of trip(s), and choice of mode(s). Previous analyses have generally developed tractable discrete choice models by limiting their focus to one or two decisions and conditioning on the others. The analysis presented in this paper takes a more general perspective by assuming that consumers choose one out of a set of trip portfolios which are made up of alternative destinations, trip frequencies and durations. The model is applied to recreational fishing activities, and produces estimation results that are consistent with the hypothesis of random utility maximization. Choice elasticities are calculated and indicate that portfolio demands are fairly elastic with respect to changes in water qualities and travel costs.
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Volume (Year): 30 (1996)
Issue (Month): 5 (October)
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References listed on IDEAS
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- R S Tay & P S McCarthy, 1994.
"Benefits of Improved Water Quality: A Discrete Choice Analysis of Freshwater Recreational Demands,"
Environment and Planning A,
, vol. 26(10), pages 1625-1638, October.
- R S Tay & P S McCarthy, 1994. "Benefits of improved water quality: a discrete choice analysis of freshwater recreational demands," Environment and Planning A, Pion Ltd, London, vol. 26(10), pages 1625-1638, October.
- Mary Jo Kealy & Bishop Richard C., 1986. "Theoretical and Empirical Specifications Issues in Travel Cost Demand Studies," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 68(3), pages 660-667.
- V. Kerry Smith, 1988. "Selection and Recreation Demand," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 70(1), pages 29-36.
- Smith, V. Kerry & Kaoru, Yoshiaki, 1986. "Modeling recreation demand within a random utility framework," Economics Letters, Elsevier, vol. 22(4), pages 395-399.
- George R. Parsons & Michael S. Needelman, 1992. "Site Aggregation in a Random Utility Model of Recreation," Land Economics, University of Wisconsin Press, vol. 68(4), pages 418-433.
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