Intertemporal Substitution in Travel Cost Models with Seasonal Time Constraints
Patrick Lloyd‐Smith, Joshua K. Abbott, Wiktor Adamowicz, Daniel Willard
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.- Cite:
- Patrick Lloyd‐Smith, Joshua K. Abbott, Wiktor Adamowicz, and Daniel Willard. 2020. Intertemporal Substitution in Travel Cost Models with Seasonal Time Constraints. Land Economics, Volume 96, Issue 3, 96(3):399–417.
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@article{Lloyd-Smith-2020-Intertemporal,
title = "Intertemporal Substitution in Travel Cost Models with Seasonal Time Constraints",
author = "Lloyd‐Smith, Patrick and
Abbott, Joshua K. and
Adamowicz, Wiktor and
Willard, Daniel",
journal = "Land Economics, Volume 96, Issue 3",
volume = "96",
number = "3",
year = "2020",
publisher = "University of Wisconsin Press",
url = "https://gwf-uwaterloo.github.io/gwf-publications/G20-100001",
doi = "10.3368/le.96.3.399",
pages = "399--417",
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.",
}
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%0 Journal Article %T Intertemporal Substitution in Travel Cost Models with Seasonal Time Constraints %A Lloyd‐Smith, Patrick %A Abbott, Joshua K. %A Adamowicz, Wiktor %A Willard, Daniel %J Land Economics, Volume 96, Issue 3 %D 2020 %V 96 %N 3 %I University of Wisconsin Press %F Lloyd-Smith-2020-Intertemporal %X 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. %R 10.3368/le.96.3.399 %U https://gwf-uwaterloo.github.io/gwf-publications/G20-100001 %U https://doi.org/10.3368/le.96.3.399 %P 399-417
Markdown (Informal)
[Intertemporal Substitution in Travel Cost Models with Seasonal Time Constraints](https://gwf-uwaterloo.github.io/gwf-publications/G20-100001) (Lloyd‐Smith et al., GWF 2020)
- Intertemporal Substitution in Travel Cost Models with Seasonal Time Constraints (Lloyd‐Smith et al., GWF 2020)
ACL
- Patrick Lloyd‐Smith, Joshua K. Abbott, Wiktor Adamowicz, and Daniel Willard. 2020. Intertemporal Substitution in Travel Cost Models with Seasonal Time Constraints. Land Economics, Volume 96, Issue 3, 96(3):399–417.