Smith, V Kerry; Palmquist, Raymond B - In: The Review of Economics and Statistics 76 (1994) 1, pp. 119-26
This paper proposes a method for measuring the effects of substitutions in the timing of recreational use on people's willingness to pay for nonmarketed resources. Using the three markets (peak, pre-peak, and post-peak) for weekly rentals of vacation properties along the Outer Banks of North...