Substitute Site Measures in a Varying Parameter Model with Application to Recreational Fishing
1993
Angello, Richard J. | Han, Yunqi
This paper employs a varying parameter travel cost model to determine the economic valuation of fishing trips and catch for a sample of Long Island anglers. Substitution measures in the model are characterized in terms of the number and the quality of proximate alternative sites. This treatment of substitution as a site rather than an individual characteristic helps to define a site's uniqueness and in addition provides a feasible means of capturing substitution effects when measures of substitution at an individual level are not available. Per trip consumer surplus and changes in consumer surplus due to catch changes are computed and distinguished by controls for the availability and quality of substitute sites. Consumer surplus and the valuation of changes in catch are found to be substantially lower when controlling for substitution effects which is in agreement with most previous studies
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