An alternative methodology for determining marginal willingness to pay values for recreational fishing trips is developed based on inverse demand systems and the distance function. Our empirical application uses joint estimation of several species-specific site equations from a recreation...

Theoretical restrictions implied by the two-constraint recreation demand model are developed. The structure necessary to specify empirical models shows that most current models of recreation incorporate time in a manner inconsistent with theory. Results are applicable to all recreationists and...

How researchers treat the opportunity cost of time substantially influences recreation demand parameter and welfare estimates. This paper presents a utility-theoretic and implementable approach, estimating the shadow value of time jointly with recreation demands for coastal activities, using a...

When consumer choice is constrained by time as well as money, willingness to pay can be defined with respect to either numeraire. The two measures can be related formally within a utility-consistent model of choice subject to two constraints. Furthermore, when information is collected on both,...

The varying researcher assumptions about model specification in nested-logit random utility models can have significant effects on model estimates and corresponding welfare measures. Using a three-level nested-logit model of Oregon marine sport fishing, we estimate and compare several models...

An incomplete demand system is developed for recreation and donation choices, subject to both money and time constraints. The model results in a three-good system, with an endogenous marginal value of time for estimation. The model is implemented by adapting Deaton and Muellbauer's locally...

Multiproduct, multispecies revenue functions are estimated for the midwater and bottom-trawl pollock fisheries off Alaska. There are strong year and seasonal effects on coefficient estimates, and the technology is joint in outputs for each major operation type. The model is a step toward...