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The Individual Travel Cost Method with Consumer-Specific Values of Travel Time Savings

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dc.abstract.enThe treatment of the opportunity cost of travel time in travel cost models has been an area of research interest for many decades. Our analysis develops a methodology to combine the travel distance and travel time data with respondent-specific estimates of the value of travel time savings (VTTS). The individual VTTS are elicited with the use of discrete choice stated preference methods. The travel time valuation procedure is integrated into the travel cost valuation exercise to create a two-equation structural model of site valuation. Since the travel time equation of the structural model incorporates individual preference heterogeneity, the full structure model provides a travel cost site demand model based upon individualized values of time. The methodology is illustrated in a study of recreational birdwatching, more specifically, visits to a ‘stork village’ in Poland. We show that the usual practice of basing respondents’ VTTS on 1/3 of their wage rate is largely unfounded and propose alternatives—including a separate component of the travel cost survey aimed at valuation of respondents’ VTTS or, as a second best, asking if they wish if their journey was shorter and for those who do—use full hourly wage as an indicator of their VTTS.
dc.affiliationUniwersytet Warszawski
dc.contributor.authorKronenberg, Jakub
dc.contributor.authorCzajkowski, Mikołaj
dc.contributor.authorGiergiczny, Marek
dc.contributor.authorEnglin, Jeffrey
dc.date.accessioned2024-01-26T10:25:57Z
dc.date.available2024-01-26T10:25:57Z
dc.date.copyright2019-06-24
dc.date.issued2019
dc.description.accesstimeAT_PUBLICATION
dc.description.financeNie dotyczy
dc.description.versionFINAL_PUBLISHED
dc.description.volume74
dc.identifier.doi10.1007/S10640-019-00355-6
dc.identifier.issn0924-6460
dc.identifier.urihttps://repozytorium.uw.edu.pl//handle/item/122515
dc.identifier.weblinkhttps://link.springer.com/article/10.1007/s10640-019-00355-6
dc.languageeng
dc.pbn.affiliationeconomics and finance
dc.relation.ispartofEnvironmental and Resource Economics
dc.relation.pages961-984
dc.rightsCC-BY
dc.sciencecloudnosend
dc.subject.enOpportunity cost of travel time
dc.subject.enIndividual-specific values of travel time savings
dc.subject.enTravel cost method
dc.subject.enDiscrete choice experiment
dc.subject.enIntegration of valuation methods
dc.subject.enRecreational birdwatching
dc.subject.plkoszt alternatywny czasu podróży
dc.subject.plindywidualne korzyści ze skrócenia czasu podróży
dc.subject.plmetoda kosztu podróży
dc.subject.plmetoda eksperymentu warunkowego
dc.subject.plintegracja metod wyceny
dc.subject.plobserwacje ptaków
dc.titleThe Individual Travel Cost Method with Consumer-Specific Values of Travel Time Savings
dc.typeJournalArticle
dspace.entity.typePublication