RT Journal Article
SR Electronic
T1 Intertemporal Substitution in Travel Cost Models with Seasonal Time Constraints
JF Land Economics
JO Land Econ
FD University of Wisconsin Press
SP 399
OP 417
DO 10.3368/le.96.3.399
VO 96
IS 3
A1 Lloyd-Smith, Patrick
A1 Abbott, Joshua K.
A1 Adamowicz, Wiktor
A1 Willard, Daniel
YR 2020
UL http://le.uwpress.org/content/96/3/399.abstract
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)