Leisure and the Net Opportunity Cost of Travel Time in Recreation Demand Analysis: An Application to Gros Morne National Park
- 1 May 2012
- journal article
- Published by Informa UK Limited in Journal of Applied Economics
- Vol. 15 (1), 25-49
- https://doi.org/10.1016/s1514-0326(12)60002-6
Abstract
Using count data models that account for zero-truncation, overdispersion, and endogenous stratification, this paper estimates the value of access to recreational parks. The focus is on the valuation of the opportunity cost of travel time within the cost of the 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. We find that the relevant opportunity cost of time for most visitors represents a smaller fraction of their wage rate than commonly assumed previously.Keywords
This publication has 32 references indexed in Scilit:
- Short Run Constraints and the Increasing Marginal Value of Time in RecreationEnvironmental and Resource Economics, 2009
- Measuring demand for flat water recreation using a two‐stage/disequilibrium travel cost model with adjustment for overdispersion and self‐selectionWater Resources Research, 2003
- Travel cost demand model based river recreation benefit estimates with on‐site and household surveys: Comparative results and a correction procedureWater Resources Research, 2003
- Value of recreational fishing in the Brazilian Pantanal: a travel cost analysis using count data modelsEcological Economics, 2002
- Empirical Specification Requirements for Two‐Constraint Models of Recreation ChoiceAmerican Journal of Agricultural Economics, 2001
- Possibilities for Including the Opportunity Cost of Time in Recreation Demand SystemsLand Economics, 1999
- Excess Zeros in Count Models for Recreational TripsJournal of Business & Economic Statistics, 1996
- MEASUREMENT ISSUES IN THE TRAVEL COST METHOD: A GEOGRAPHICAL INFORMATION SYSTEMS APPROACHJournal of Agricultural Economics, 1996
- Searching for the Opportunity Cost of an Individual's TimeLand Economics, 1992
- Value of Time in Recreation Benefit StudiesLand Economics, 1976