ESTIMATING THE OPPORTUNITY COST OF RECREATION TIME IN AN INTEGRABLE 2-CONSTRAINT COUNT DEMAND MODEL

Abstract

How researchers treat the opportunity cost of time substantially influences recreation demand parameter and welfare estimates. This paper presents a utility-theoretic and implementable approach, estimating the shadow value of time jointly with recreation demands for coastal activities, using a generalization of the semilog demand system in a two-constraint model.Consumer/Household Economics, Demand and Price Analysis,