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Measuring Values of Environmental Quality Improvement and Leisure Time through Combining Contingent Valuation and Travel Cost Data

엄영숙|Douglas M. Larson
한국경제학회 (The Korean Economic Association)|2004.12|The Korean Economic Review|제20권 제2호|pp. 213-238

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참고문헌

주제분류경제학

초록

Abstract

This paper demonstrates a utility-theoretic empirical framework for estimating values of environmental quality improvement by combining travel cost and contingent valuation data in a two-constraint (time and money) budget framework. Recognizing the role of time "prices" and time budget, the recreation demand and willingness to pay (WTP) functions are specified with full price and full budget arguments, with the opportunity cost of time being a fraction of wage rate. When applied to the case of water quality improvement of the Man Kyoung River basin in the Chollabukdo province, the joint model of actual demand, contingent WTP, and marginal value of time is highly significant with correct sings on the principal economic variables. The WTP estimate is about $34 for a water quality improvement to the swimmable level. The value of leisure time is 90% of the market wage.

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