VALUING TIME IN TRAVEL COST DEMAND ANALYSIS - AN EMPIRICAL-INVESTIGATION

The opportunity cost of time is usually a significant part of the pric e variable in the travel cost demand model. Thus, its accurate measure ment is important to the estimation of demand and benefit valuation fo r nonmarket resources. This paper empirically tests models which assum e that income is the basis for opportunity time cost with an alternati ve ''pooled'' model based on a disequilibrium labor market for some re creationists. Acceptance of the hypothesis that disequilibrium models may be necessary for some individuals implies increased survey informa tion requirements so that the appropriate model can be applied to each individual.