Intertemporal Substitution in Travel Cost Models with Seasonal Time Constraints

Patrick Lloyd-Smith; Joshua K. Abbott; Wiktor Adamowicz; Daniel Willard

doi:10.3368/le.96.3.399

Intertemporal Substitution in Travel Cost Models with Seasonal Time Constraints

Patrick Lloyd-Smith, Joshua K. Abbott, Wiktor Adamowicz, Daniel Willard

Sustainability, School of (SOS)

Research output: Contribution to journal › Article › peer-review

5 Scopus citations

Abstract

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)

Original language	English (US)
Pages (from-to)	399-417
Number of pages	19
Journal	Land Economics
Volume	96
Issue number	3
DOIs	https://doi.org/10.3368/le.96.3.399
State	Published - Aug 2020

ASJC Scopus subject areas

Environmental Science (miscellaneous)
Economics and Econometrics

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title = "Intertemporal Substitution in Travel Cost Models with Seasonal Time Constraints",

abstract = "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)",

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N2 - 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)

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)

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Intertemporal Substitution in Travel Cost Models with Seasonal Time Constraints

Abstract

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