New study reveals underestimated value of travel time for recreation trips!
The article explores how to estimate the value of time spent traveling to recreation sites. By analyzing actual driving choices, the researchers found that 3/4 of the wage rate is a good estimate of the average value of travel time for recreation trips. This is different from the commonly assumed 1/3 of the wage rate, which tends to underestimate the value. The study provides a new method to calculate this value, which can help in future studies on the cost of recreation day-trips.