VALUING CAMPSITE CHARACTERISTICS: A GENERALIZED TRAVEL-COST MODEL OF DEMAND FOR RECREATIONAL CAMPING
✍ Scribed by JAMES A. BROX; RAMESH C. KUMAR
- Publisher
- John Wiley and Sons
- Year
- 1997
- Tongue
- English
- Weight
- 187 KB
- Volume
- 8
- Category
- Article
- ISSN
- 1180-4009
No coin nor oath required. For personal study only.
✦ Synopsis
The multiple-site travel cost demand model of Vaughan and Russell is extended to apply to recreational camping. Unlike previous applications, particular attention is paid to the detection and correction of groupwise heteroscedasticity which is likely to arise in multiple-site models. A semi-log demand model estimated in the context of 48 provincial parks in the Province of Onario, Canada, suggests that recreational camping is likely to be an inferior commodity. Also, the consistent signi®cance of the substitute-site variable implies that the demand parameter estimates are likely to be biased in its absence. The model is also used to obtain estimates of the social values of various campsite characteristics in terms of average and marginal consumer surplus.