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The Effects of Demographic Variables on Measuring the Cost of Time in Recreation Demand Analysis

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  • Jeng, Huei-Yann
  • Hushak, Leroy J.

Abstract

The McConnell and Strand Method in evaluating time cost in recreational model requires that the percentage of average income at which individual values recreational time be constant for all sample observations.· We modify the McConnell and Strand model which allows the value of time cost to vary with the individual's demographic characteristics. Economic value estimates of Ohio's Lake Erie private-boat fishing with and without demographic factors are compared. Consumer's surplus is over-estimated when demographic factors are excluded.

Suggested Citation

  • Jeng, Huei-Yann & Hushak, Leroy J., 1989. "The Effects of Demographic Variables on Measuring the Cost of Time in Recreation Demand Analysis," 1989 Annual Meeting, July 30-August 2, Baton Rouge, Louisiana 270498, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea89:270498
    DOI: 10.22004/ag.econ.270498
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    References listed on IDEAS

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    1. Nancy E. Bockstael & Ivar E. Strand & W. Michael Hanemann, 1987. "Time and the Recreational Demand Model," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 69(2), pages 293-302.
    2. 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.
    3. 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.
    4. Wilman, Elizabeth A., 1980. "The value of time in recreation benefit studies," Journal of Environmental Economics and Management, Elsevier, vol. 7(3), pages 272-286, September.
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