|Appears in Collections:||Economics Journal Articles|
|Peer Review Status:||Refereed|
|Title:||Alternative treatments of the cost of time in recreational demand models: an application to whitewater kayaking in Ireland|
value of time
|Citation:||Hynes S, Hanley N & O'Donoghue C (2009) Alternative treatments of the cost of time in recreational demand models: an application to whitewater kayaking in Ireland, Journal of Environmental Management, 90 (2), pp. 1014-1021.|
|Abstract:||The measurement of travel costs in recreational demand modeling has been a contentious issue for many decades. This article explores the use of a number of alternative methods of incorporating time costs in the travel cost modeling process. Travel cost values where the opportunity cost of time is excluded, where it is included as a percentage of the individual's reported wage rate and where it based on an estimated wage from a secondary data source (the European Community Household Panel) are compared and then used in a conditional logit model to estimate the demand for whitewater kayaking in Ireland. We then evaluate the effect of different treatments of the cost of travel time on the welfare impacts of a number of different management scenarios for kayaking rivers in Ireland, and find that statistically significant differences emerge.|
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