Frequency and time in recreational demand
In the standard single-site travel cost model, it is assumed that time spent on-site is exogenous. This assumption results in a willingness to pay (WTP) for time on-site of zero, which may be less realistic for many urban parks that are frequently visited by local residents. We develop a single-site...
| Main Authors: | , , , |
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| Format: | Text |
| Language: | unknown |
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Taylor & Francis
2020
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| Subjects: | |
| Online Access: | https://dx.doi.org/10.6084/m9.figshare.11972226 https://tandf.figshare.com/articles/journal_contribution/Frequency_and_time_in_recreational_demand/11972226 |
| Summary: | In the standard single-site travel cost model, it is assumed that time spent on-site is exogenous. This assumption results in a willingness to pay (WTP) for time on-site of zero, which may be less realistic for many urban parks that are frequently visited by local residents. We develop a single-site travel cost model where a visitor simultaneously chooses the number of visits and how much time to spend on-site. In this model, the WTP estimate includes the price of the trip and the price of time spent on-site. Next, we develop a two-part hurdle model with non-zero correlation between the number of trips and time spent on-site. We use data gathered in an urban park in Iceland to estimate the model. The estimated WTP values are more than twice as high as the estimates of the standard single-site model. |
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