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Closely Related Good Prices in the Travel Cost Model
Author(s) -
McKean John R.,
Walsh Richard G.,
Johnson Donn M.
Publication year - 1996
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 - 10.2307/1243281
Subject(s) - disequilibrium , sample (material) , economics , economic surplus , opportunity cost , microeconomics , econometrics , market economy , ophthalmology , medicine , chemistry , chromatography , welfare
This travel cost demand study included prices for closely related goods such as money and time costs of on‐site time, on‐site purchases, and other trip activities. A disequilibrium labor market model was estimated. The sample was mainly composed of persons who did not substitute earned income for leisure time. The few persons who had the capability to substitute time for money were excluded from the sample. Consumer surplus was estimated to be $@@‐@@69 per trip using the expanded model. A model using only the conventional travel cost variables resulted in estimated surplus per trip of $@@‐@@45.