Hedonic travel cost and random utility models of recreation

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Description

Micro-economic theory began as an attempt to describe, predict and value the demand and supply of consumption goods. Quality was largely ignored at first, but economists have started to address quality within the theory of demand and specifically the question of site quality, which is an important component of land management. This paper demonstrates that hedonic and random utility models emanate from the same utility theoretical foundation, although they make different estimation assumptions. Using a theoretically consistent comparison, both approaches are applied to examine the quality of wilderness areas in the Southeastern US. Data were collected on 4778 visits to ... continued below

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Medium: P; Size: 36 p.

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Pendleton, L.; Mendelsohn, R. & Davis, E.W. July 9, 1998.

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  • Pendleton, L. Univ. of Southern California, Los Angeles, CA (United States)
  • Mendelsohn, R.
  • Davis, E.W. Yale Univ., New Haven, CT (United States). School of Forestry and Environmental Studies

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Description

Micro-economic theory began as an attempt to describe, predict and value the demand and supply of consumption goods. Quality was largely ignored at first, but economists have started to address quality within the theory of demand and specifically the question of site quality, which is an important component of land management. This paper demonstrates that hedonic and random utility models emanate from the same utility theoretical foundation, although they make different estimation assumptions. Using a theoretically consistent comparison, both approaches are applied to examine the quality of wilderness areas in the Southeastern US. Data were collected on 4778 visits to 46 trails in 20 different forest areas near the Smoky Mountains. Visitor data came from permits and an independent survey. The authors limited the data set to visitors from within 300 miles of the North Carolina and Tennessee border in order to focus the analysis on single purpose trips. When consistently applied, both models lead to results with similar signs but different magnitudes. Because the two models are equally valid, recreation studies should continue to use both models to value site quality. Further, practitioners should be careful not to make simplifying a priori assumptions which limit the effectiveness of both techniques.

Physical Description

Medium: P; Size: 36 p.

Notes

OSTI as DE98005991

Source

  • Other Information: PBD: 9 Jul 1998

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  • Other: DE98005991
  • Report No.: DOE/ER/62115--T1-Pt.2
  • Grant Number: FG02-95ER62115
  • DOI: 10.2172/656890 | External Link
  • Office of Scientific & Technical Information Report Number: 656890
  • Archival Resource Key: ark:/67531/metadc708392

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Creation Date

  • July 9, 1998

Added to The UNT Digital Library

  • Sept. 12, 2015, 6:31 a.m.

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  • Nov. 4, 2015, 6:28 p.m.

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Pendleton, L.; Mendelsohn, R. & Davis, E.W. Hedonic travel cost and random utility models of recreation, report, July 9, 1998; United States. (digital.library.unt.edu/ark:/67531/metadc708392/: accessed September 26, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.