Temporal substitution and the recreational value of coastal amenities

V. K. Smith, R. B. Palmquist

Research output: Chapter in Book/Report/Conference proceedingChapter

11 Citations (Scopus)

Abstract

This paper proposes a method for measuring the effects of substitutions in the timing of recreational use on people's willingness to pay for nonmarketed resources. Using the three markets (peak, pre-peak, and post-peak) for weekly rentals of vacation properties along the Outer Banks of North Carolina, we are able to control for changes in the mix of site characteristics selected at different times and estimate the effects of temporal substitution on tradeoffs between other characteristics. Proximity to the ocean was found to be a significant determinant of temporal substitution between the peak and pre-peak seasons with ocean front properties having 1.9% to 4.7% smaller discounts for pre-season rentals relative to other properties. -Authors

Original languageEnglish (US)
Title of host publicationReview of Economics & Statistics
Pages119-126
Number of pages8
Volume76
Edition1
StatePublished - 1994
Externally publishedYes

Fingerprint

amenity
substitution
willingness to pay
ocean
market
resource
effect

ASJC Scopus subject areas

  • Earth and Planetary Sciences(all)
  • Environmental Science(all)

Cite this

Smith, V. K., & Palmquist, R. B. (1994). Temporal substitution and the recreational value of coastal amenities. In Review of Economics & Statistics (1 ed., Vol. 76, pp. 119-126)

Temporal substitution and the recreational value of coastal amenities. / Smith, V. K.; Palmquist, R. B.

Review of Economics & Statistics. Vol. 76 1. ed. 1994. p. 119-126.

Research output: Chapter in Book/Report/Conference proceedingChapter

Smith, VK & Palmquist, RB 1994, Temporal substitution and the recreational value of coastal amenities. in Review of Economics & Statistics. 1 edn, vol. 76, pp. 119-126.
Smith VK, Palmquist RB. Temporal substitution and the recreational value of coastal amenities. In Review of Economics & Statistics. 1 ed. Vol. 76. 1994. p. 119-126
Smith, V. K. ; Palmquist, R. B. / Temporal substitution and the recreational value of coastal amenities. Review of Economics & Statistics. Vol. 76 1. ed. 1994. pp. 119-126
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