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Willingness‐to‐pay for steelhead trout fishing: Implications of two‐step consumer decisions with short‐run endowments
Author(s) -
McKean John R.,
Johnson Donn,
Taylor R. Garth
Publication year - 2010
Publication title -
water resources research
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.863
H-Index - 217
eISSN - 1944-7973
pISSN - 0043-1397
DOI - 10.1029/2009wr008664
Subject(s) - nonmarket forces , willingness to pay , fishing , economics , value (mathematics) , index (typography) , variable (mathematics) , microeconomics , fishery , econometrics , computer science , mathematics , mathematical analysis , machine learning , world wide web , factor market , biology
Choice of the appropriate model of economic behavior is important for the measurement of nonmarket demand and benefits. Several travel cost demand model specifications are currently in use. Uncertainty exists over the efficacy of these approaches, and more theoretical and empirical study is warranted. Thus travel cost models with differing assumptions about labor markets and consumer behavior were applied to estimate the demand for steelhead trout sportfishing on an unimpounded reach of the Snake River near Lewiston, Idaho. We introduce a modified two‐step decision model that incorporates endogenous time value using a latent index variable approach. The focus is on the importance of distinguishing between short‐run and long‐run consumer decision variables in a consistent manner. A modified Barnett two‐step decision model was found superior to other models tested.