Tourists' travel time values using discrete choice models: the recreational value of the Teide National Park

The value of travel time is one of the most important factors in recreation demand models. Traditionally, the most common approach for its calculation has been the use of different proportions of the wage rate; however, criticisms of this method abound because in a recreational trip the relevant mea...

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Bibliographic Details
Published in:Journal of sustainable tourism 2018-12, Vol.26 (12), p.2021-2042
Main Authors: González, Rosa Marina, Marrero, Ángel S., Navarro-Ibáñez, Manuel
Format: Article
Language:English
Subjects:
discrete choice models
Economic models
Heterogeneity
Logit models
National parks
Recreation
Recreation demand
recreational value
revealed preference
Tourists
Transport
Travel
Travel time
Trip estimation
Trip generation
values of travel time
Wage rates
Zonal travel cost method
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Summary:The value of travel time is one of the most important factors in recreation demand models. Traditionally, the most common approach for its calculation has been the use of different proportions of the wage rate; however, criticisms of this method abound because in a recreational trip the relevant measure is the opportunity cost of leisure time rather than work time. In this paper, we adopt a novel approach in the literature using discrete choice models based on short-term decisions and independent of the labor market. We obtain the value of travel time through the trade-off between time and money considered by the tourist visitors when choosing the transport mode and we present the first calculation of the recreational value of the Teide National Park. Specifically, using a Revealed Preference survey of 801 park visitors, we estimate Mixed Logit models accounting for random preference heterogeneity, derive travel time values and incorporate them into a Zonal Travel Cost Method. This approach allows us to estimate different time values depending on transport mode and stage of the trip and shows that the use of discrete choice models instead of the wage rate approach has a strong impact on the recreational value calculated.
ISSN:0966-9582
1747-7646
DOI:10.1080/09669582.2018.1527342