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Intertemporal Substitution in Travel Cost Models with Seasonal Time Constraints

Intertemporal Substitution in Travel Cost Models with Seasonal Time Constraints <p>ABSTRACT:</p><p>Travel cost models using the wage rate to value time make the implicit assumption that the value of time is equalized throughout the year. We develop a seasonal travel cost model that allows the value of time to vary by season. We estimate the model using data from a survey of recreational anglers in the Gulf of Mexico. We find that people&apos;s value of time is 55% larger on average in the summer compared to other times of year and find substantial differences in derived welfare estimates if a time-constant value of time measure is used instead. <i>(JEL Q26, Q51)</i></p> http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Land Economics University of Wisconsin Press

Intertemporal Substitution in Travel Cost Models with Seasonal Time Constraints

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Publisher
University of Wisconsin Press
Copyright
Copyright © Board of Regents of the University of Wisconsin System.
ISSN
1543-8325

Abstract

<p>ABSTRACT:</p><p>Travel cost models using the wage rate to value time make the implicit assumption that the value of time is equalized throughout the year. We develop a seasonal travel cost model that allows the value of time to vary by season. We estimate the model using data from a survey of recreational anglers in the Gulf of Mexico. We find that people&apos;s value of time is 55% larger on average in the summer compared to other times of year and find substantial differences in derived welfare estimates if a time-constant value of time measure is used instead. <i>(JEL Q26, Q51)</i></p>

Journal

Land EconomicsUniversity of Wisconsin Press

Published: Jul 2, 2020

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