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2002•RePEc: Research Papers in EconomicsRequires access

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

Douglas M. Larson, Daniel K. Lew, Sabina L. Shaikh

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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.

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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.

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Available 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.

Key concepts: Recreation, Constraint (computer-aided design), Opportunity cost, Shadow price, Economics, Welfare, Generalization, Microeconomics

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