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...

The opportunity cost of time is usually a significant part of the price variable in the travel cost demand model. Thus, its accurate measurement is important to the estimation of demand and benefit valuation for nonmarket resources. This paper empirically tests models which assume that income is...

While issues in estimating nonmarket values continue to cause concern, resource economists have more reason now than ever before to be optimistic. More progress toward improved measurement has been made in the past six years than in the previous quarter century since development of the...