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Theoretical and Empirical Specifications Issues in Travel Cost Demand Studies
Author(s) -
Kealy Mary Jo,
Richard C. Bishop
Publication year - 1986
Publication title -
american journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.949
H-Index - 111
eISSN - 1467-8276
pISSN - 0002-9092
DOI - 10.2307/1241550
Subject(s) - recreation , trips architecture , sample (material) , econometrics , product (mathematics) , function (biology) , value (mathematics) , fishing , demand curve , constant (computer programming) , recreational fishing , economics , operations research , computer science , microeconomics , statistics , mathematics , fishery , ecology , chemistry , geometry , chromatography , evolutionary biology , parallel computing , programming language , biology
Abstract A travel cost demand model is derived from a utility function which postulates that individuals choose the optimal total number of site recreation days given by the product of the number and length of their recreation trips. By relaxing the assumption that on‐site time is constant across recreationists, the applicability of the travel cost method is extended. The model is estimated using a maximum likelihood procedure appropriate for the truncated sample data which is characteristic of most user‐specific recreation data. Failure to do so would result in overestimating the value of Great Lakes fishing by 3.5 times.