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dc.contributor.authorHanley, Nicken
dc.contributor.authorO'Donoghue, Cathalen
dc.date.accessioned2010-05-10T14:00:02Zen
dc.date.available2010-05-10T14:00:02Zen
dc.date.issued2004en
dc.identifier.citationO'Donoghue, C., Hanley, N., Hynes S. (2004) "Measuring the opportunity cost of time in recreation demand modelling: an application to a random utility model of whitewater kayaking in Ireland" ( Working Paper No. 0087) Department of Economics, National University of Ireland, Galway.en
dc.identifier.urihttp://hdl.handle.net/10379/990en
dc.description.abstractThe treatment of the opportunity cost of travel time and the measurement of travel costs in recreational demand modelling has been a contentious issue for many decades. This paper demonstrates how a potential wage rate can be used in the measurement of the opportunity cost of travel (leisure) time in order to calculate the travel costs associated with a recreational activity. Most recreation demand studies use a fraction of the wage rate extracted from the gross income variable for the sample population, in calculating the opportunity cost of travel time and each individuals overall travel cost. However, we use each individuals potential hourly wage, as predicted by an earnings model from a secondary dataset, based upon that persons actual socio-economic characteristics. These travel cost estimates are then used in a multi-nomial logit random utility site choice model to calculate the demand for whitewater kayaking in Ireland. We also use the whitewater site choice models to estimate the welfare impacts of a number of different management scenarios.en
dc.formatapplication/pdfen
dc.language.isoenen
dc.publisherNational University of Ireland, Galwayen
dc.relation.ispartofseriesWorking Paper;No. 0087en
dc.subjectWhitewater kayakingen
dc.subjectRandom utility modelen
dc.subjectThe opportunity cost of timeen
dc.subjectPotential hourly wageen
dc.subjectEconomicsen
dc.titleMeasuring the opportunity cost of time in recreation demand modelling: an application to a random utility model of whitewater kayaking in Irelanden
dc.typeWorking Paperen
dc.description.peer-reviewedpeer-revieweden
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