Short Run Constraints and the Increasing Marginal Value of Time in Recreation

Raymond B. Palmquist, Daniel J. Phaneuf, V. Kerry Smith

NBER Working Paper No. 14986
Issued in May 2009

---- Acknowledgements ----

Partial support for this research was provided by the U.S. Environmental Protection Agency under grant no. R-82950801and by CEnREP at North Carolina State University. Thanks are due Doug Larson and two anaonymous referees for very helpful comments on an earlier draft, to Jaren Pope and Brian Stynes for their assistance in conducting the survey used for this analysis, and to Melissa Brandt, Michael Darden, Eric McMillen and Vincent McKeever for assistance in assembling the data from the household survey. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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