Estimating tournament effects on sportfishing demand.

A two-step decision travel cost model is used to estimate the demand for sportfishing and to measure the effect of fishing tournaments on anglers' willingness-to-pay on the Lower Hudson River. The endogenous opportunity cost of angler travel time is incorporated in the demand function using a latent variable. The latent time value indicator is a count of the unique types of complementary and time-saving goods and services purchased during a fishing trip. Tournament fishing is valued at US$317 per angler per trip, compared to US$73 per angler per trip for other sportfishing.