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on Tourism Economics |
| By: | Amoako-Tuffour, Joe; Martınez-Espineira, Roberto |
| 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: | value of time; endogenous stratification; on-site sampling; overdispersion; recreation demand; travel cost method |
| JEL: | Q00 Q51 |
| Date: | 2008 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:8573&r=tur |
| By: | Christopher Azevedo (University of Central Missouri); John R. Crooker (University of Central Missouri) |
| Abstract: | The importance of accounting for a respondent’s travel time in recreation demand models is well established. In practice, most analysts use a fixed fraction of the respondent’s wage rate to value travel time. However, other approaches have been suggested in the literature. In this paper revealed and stated preference data on Iowa wetland usage is used to explore various specifications of travel time. It is shown that the choice of a particular specification has a direct impact on welfare estimates as well as the consistency between revealed and stated preference data. |
| Date: | 2008–05 |
| URL: | http://d.repec.org/n?u=RePEc:umn:wpaper:0803&r=tur |