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Estimating The Opportunity Cost Of Recreation Time In An Integrable 2-Constraint Count Demand Model

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  • Larson, Douglas M.
  • Lew, Daniel K.
  • Shaikh, Sabina L.

Abstract

How researchers treat the opportunity cost of time substantially influences recreation demand parameter and welfare estimates. This paper presents a utility-theoretic and implementable approach, estimating the shadow value of time jointly with recreation demands for coastal activities, using a generalization of the semilog demand system in a two-constraint model.

Suggested Citation

  • Larson, Douglas M. & Lew, Daniel K. & Shaikh, Sabina L., 2002. "Estimating The Opportunity Cost Of Recreation Time In An Integrable 2-Constraint Count Demand Model," 2002 Annual meeting, July 28-31, Long Beach, CA 19600, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea02:19600
    DOI: 10.22004/ag.econ.19600
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    References listed on IDEAS

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    1. Jeffrey T. LaFrance, 1986. "The Structure of Constant Elasticity Demand Models," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 68(3), pages 543-552.
    2. Kling, Catherine L., 1988. "Comparing welfare estimates of environmental quality changes from recreation demand models," Journal of Environmental Economics and Management, Elsevier, vol. 15(3), pages 331-340, September.
    3. Douglas M. Larson & Sabina L. Shaikh, 2001. "Empirical Specification Requirements for Two-Constraint Models of Recreation Choice," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(2), pages 428-440.
    4. Heckman, James J, 1974. "Shadow Prices, Market Wages, and Labor Supply," Econometrica, Econometric Society, vol. 42(4), pages 679-694, July.
    5. Kenneth E. McConnell & Ivar Strand, 1981. "Measuring the Cost of Time in Recreation Demand Analysis: An Application to Sportfishing," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 63(1), pages 153-156.
    6. Jeffrey T. LaFrance, 1990. "Incomplete Demand Systems And Semilogarithmic Demand Models," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 34(2), pages 118-131, August.
    7. Deaton, Angus S & Muellbauer, John, 1980. "An Almost Ideal Demand System," American Economic Review, American Economic Association, vol. 70(3), pages 312-326, June.
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