An incomplete demand system is developed for recreation and donation choices, subject to both money and time constraints. The model results in a three-good system, with an endogenous marginal value of time for estimation. The model is implemented by adapting Deaton and Muellbauer's locally...

When consumer choice is constrained by time as well as money, willingness to pay can be defined with respect to either numeraire. The two measures can be related formally within a utility-consistent model of choice subject to two constraints. Furthermore, when information is collected on both,...

Two-constraint models are common in recreation-demand analysis because of the important role time can play in consumer choices. Two versions of Roy's identity hold for these models and imply coefficient restrictions on empirical demand functions. The two-constraint restrictions are fully...

An approach to jointly estimating an endogenous marginal value of time function and a recreation budget share equation is developed. The specification requirements for the marginal value of time function, to ensure consistency with the maintained hypothesis of two binding constraints on choice,...

Diversified agricultural households often use byproducts of one activity as inputs for another. For crop-livestock farmers, cereal production provides grain and crop residue, where the latter can be used as livestock feed. To properly assess the cost of introducing new technologies into such...

Community Based Natural Resource Management (CBNRM) programs in Botswana have had limited conservation effect because the provision of development benefits is not contingent on wildlife conservation. Building on existing discussions about which development initiatives these programs should...

We analyze willingness to pay (WTP) for environmental programs whose time periods of benefit and repayment differ, using a net present value framework that identifies parameters of both WTP and personal discount rates. Respondents to a contingent valuation survey focusing on protection of...

An individual’s rate-of-time-preference is an important consideration for individuals deciding whether to support a public good, since the benefits of a public good often come in the future. Our study finds individual discount rates from a contingent valuation method (CVM) question where the...