Convergent Validity and the Time Consistency of Preferences: Evidence from the Iowa Lakes Recreation Demand Project

DongGyu Yi and Joseph A. Herriges


We examine the consistency of preferences over time and as implied by revealed versus stated preference (contingent behavior) data. Studies in this area are typically based upon a single site and focus on consumer response to changes in travel cost or site access. We use data from the Iowa Lakes Project, which provides information on usage patterns over several years and for 132 lakes, along with detailed water quality data. This allows us to test for convergence in how individuals respond to changing site characteristics, as well as the consistency of preferences over time and between actual versus contingent trips. (JEL Q51)

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