Temporal substitution and the recreational value of coastal amenities

V. K. Smith, R. B. Palmquist

Research output: Chapter in Book/Report/Conference proceedingChapter

12 Scopus citations

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

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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)