<?xml version='1.0' encoding='UTF-8'?><xml><records><record><source-app name="HighWire" version="7.x">Drupal-HighWire</source-app><ref-type name="Journal Article">17</ref-type><contributors><authors><author><style face="normal" font="default" size="100%">Lloyd-Smith, Patrick</style></author><author><style face="normal" font="default" size="100%">Abbott, Joshua K.</style></author><author><style face="normal" font="default" size="100%">Adamowicz, Wiktor</style></author><author><style face="normal" font="default" size="100%">Willard, Daniel</style></author></authors><secondary-authors></secondary-authors></contributors><titles><title><style face="normal" font="default" size="100%">Intertemporal Substitution in Travel Cost Models with Seasonal Time Constraints</style></title><secondary-title><style face="normal" font="default" size="100%">Land Economics</style></secondary-title></titles><dates><year><style  face="normal" font="default" size="100%">2020</style></year><pub-dates><date><style  face="normal" font="default" size="100%">2020-08-01 00:00:00</style></date></pub-dates></dates><pages><style  face="normal" font="default" size="100%">399-417</style></pages><doi><style  face="normal" font="default" size="100%">10.3368/le.96.3.399</style></doi><volume><style face="normal" font="default" size="100%">96</style></volume><issue><style face="normal" font="default" size="100%">3</style></issue><abstract><style  face="normal" font="default" size="100%">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’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. (JEL Q26, Q51)</style></abstract></record></records></xml>