This paper addresses issues of specification testing for the travel cost method (TCM). Two nonparametric approaches to TCM analysis are presented. In addition, semi- nonparametric count models for TCM are developed.A numerical illustration isprovided in which the three methodsare applied to an...

Using count data models that account for zero-truncation, overdispersion, and endogenous stratification, this paper estimates the value of access to recreational parks. The focus is on the valuation of the opportunity cost of travel time within the cost of the trip and its effects on estimated...

This paper proposes using a control function to correct for endogeneity in recreation demand models. The control function approach is contrasted with the method of alternative specific constants (ASCs), which has been cautiously promoted in the literature. As an application, we consider the case...

We estimated a count data model of recreation demand using data from an on-site survey of recreational birders who had visited southern Delaware during the month–long annual horseshoe crab/shorebird spring migration in 2008. We analyzed daytrips only. Our estimates from the models ranged from...

In this paper, we derive the dynamics and assess the economic value of currency speculation by formalizing the concept of a trader inaction range. We show that exchange rate returns comprise a time-varying risk-premium and that uncovered interest parity (UIP) holds in a speculative sense. The...

Much like phenomenology, the philosophical movement of economic personalism has preceded its complete and clear awareness of itself as a philosophical position. This paper attempts to articulate what exactly this position is by employing realist phenomenology as its analytical tool. The...

Cultural tourism constitutes an alternative strategy of sustainable local development for improving quality of life. The main objective of this type of tourism is to transform the regions, which are characterized by cultural resources, into ideal places for vacation, residence or business. In...

According to general acceptation, territorial pact is a contract between a different country's level of government (local, regional, national), a formalized local partnership on different market. This contract represents the relationship between governance and widespread participation of...

Do homeowners prefer living in an area with a more equal distribution of income? We answer this question by estimating a semi-parametric hedonic pricing model for about 90,000 housing units transacted in Hong Kong between 2005 and 2006. We first identify a hedonic price function by locally...

This is one of the first researches on price differentials of green buildings in Asia. Using a rich set of data on condominium transactions and mandatory evaluation of environmental performance in Tokyo, we estimate the effects of itemized green scores on transaction prices. Although green...