PT  - JOURNAL ARTICLE
AU  - Lloyd-Smith, Patrick
AU  - Abbott, Joshua K.
AU  - Adamowicz, Wiktor
AU  - Willard, Daniel
TI  - Intertemporal Substitution in Travel Cost Models with Seasonal Time Constraints
AID  - 10.3368/le.96.3.399
DP  - 2020 Aug 01
TA  - Land Economics
PG  - 399--417
VI  - 96
IP  - 3
4099  - http://le.uwpress.org/content/96/3/399.short
4100  - http://le.uwpress.org/content/96/3/399.full
SO  - Land Econ2020 Aug 01; 96
AB  - 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)