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Theoretical and Empirical Specifications Issues in Travel Cost Demand Studies

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  • Mary Jo Kealy
  • Bishop Richard C.

Abstract

A travel cost demand model is derived from a utility function which postulates that individuals choose the optimal total number of site recreation days given by the product of the number and length of their recreation trips. By relaxing the assumption that on-site time is constant across recreationists, the applicability of the travel cost method is extended. The model is estimated using a maximum likelihood procedure appropriate for the truncated sample data which is characteristic of most user-specific recreation data. Failure to do so would result in overestimating the value of Great Lakes fishing by 3.5 times.

Suggested Citation

  • 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.
  • Handle: RePEc:oup:ajagec:v:68:y:1986:i:3:p:660-667.
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    File URL: http://hdl.handle.net/10.2307/1241550
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    Cited by:

    1. Lori D. Snyder & Robert N. Stavins & Alexander F. Wagner, 2003. "Private Options to Use Public Goods Exploiting Revealed Preferences to Estimate Environmental Benefits," Working Papers 2003.49, Fondazione Eni Enrico Mattei.
    2. Abdulbaki Bilgic & Wojciech Florkowski, 2009. "The impact of license regulation on the number of recreation trips: is it worth considering?," Journal of Regulatory Economics, Springer, vol. 35(1), pages 45-69, February.
    3. Tay, Richard & McCarthy, Patrick S. & Fletcher, Jerald J., 1996. "A portfolio choice model of the demand for recreational trips," Transportation Research Part B: Methodological, Elsevier, vol. 30(5), pages 325-337, October.
    4. Mora Rodriguez, Jhon James, 2013. "Introduccion a la teoría del consumidor
      [Introduction to Consumer Theory]
      ," MPRA Paper 48129, University Library of Munich, Germany, revised 08 Jul 2013.
    5. Bengochea, A., 2003. "Valoración del uso recreativo de un espacio natural," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 21, pages 321-338, Agosto.
    6. Chen, Min & Lupi, Frank, 2013. "Modeling Long Overnight Trips by Chaining Recreation Sites," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 150489, Agricultural and Applied Economics Association.
    7. Martínez de Aragón, Juan & Riera, Pere & Giergiczny, Marek & Colinas, Carlos, 2011. "Value of wild mushroom picking as an environmental service," Forest Policy and Economics, Elsevier, vol. 13(6), pages 419-424, July.

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