The Value of Leisure Time: A Contingent Rating Approach (original) (raw)
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A new approach to calculate the value of leisure is developed and applied. This is derived from a consumer behaviour model that includes goods and activities. A system of time assignment equations is explicitly obtained from which the values of both leisure and work can be analytically calculated using econometrically estimated parameters. This framework is applied using detailed data from three samples in diverse settings: Santiago (Chile), Karlsruhe (Germany), and Thurgau (Switzerland). The empirically estimated values of leisure differ from the wage rate and a theoretical justification is provided.
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Alternative Approaches to Incorporating the Opportunity Cost of Time in Recreation Demand Models
The importance of accounting for a respondent’s travel time in recreation demand models is well established. In practice, most analysts use a fixed fraction of the respondent’s wage rate to value travel time. However, other approaches have been suggested in the literature. In this paper revealed and stated preference data on Iowa wetland usage is used to explore various specifications of travel time. It is shown that the choice of a particular specification has a direct impact on welfare estimates as well as the consistency between revealed and stated preference data.
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From a consumer behaviour approach including goods and activities, a model system encompassing a labour supply and time assignment equations is explicitly derived. From this, it is shown that the values of both leisure and work can be obtained. The theoretical framework is applied using fairly detailed data from three samples in Santiago (Chile), Karlsruhe (Germany), and Thurgau (Switzerland).
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A theory for analyzing incidental consumption in a single site recreation demand model is presented. We show that incidental consumption on a recreation trip, such as a visit to see friends or a visit to a second recreation site, can be treated as a complementary good and analyzed using conventional theory. We also show that the analysis applies whether the side trips are incidental or joint. In a simple application we find that failing to account for incidental consumption appears to create little bias in valuing recreation sites.
Journal of agricultural and resource economics, 1996
A model of recreation demand is developed to determine the role of water levels in determining participation at and frequency of trips taken to various federal reservoirs and rivers in the Columbia River Basin. Contingent behavior data are required to break the near-perfect multicollinearities among water levels at some waters. We combine demand data for each survey respondent at different levels of time aggregation (summer months, rest of year, and annual), and our empirical models accommodate the natural heteroskedasticity that ...