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Functional Form and Welfare Measures in Truncated Recreation Demand Models

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  • Teofilo Ozuna
  • Lonnie L. Jones
  • Oral Capps

Abstract

This article examines the effect on welfare measures of functional form choice and sample truncation. A truncated general Box-Cox model is developed for discriminating between alternative truncated functional forms. The model is applied to the valuation of three Texas coastal recreation sites. Neither the truncated double-log nor the truncated semilog forms are appropriate for the truncated data used in the empirical analysis. Different functional forms yield different consumer's surplus estimates when samples are truncated.

Suggested Citation

  • Teofilo Ozuna & Lonnie L. Jones & Oral Capps, 1993. "Functional Form and Welfare Measures in Truncated Recreation Demand Models," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 75(4), pages 1030-1035.
    • Handle: RePEc:oup:ajagec:v:75:y:1993:i:4:p:1030-1035.
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    File URL: http://hdl.handle.net/10.2307/1243990
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    Cited by:

    1. Eva Vicente & Pablo de Frutos, 2011. "Application of the travel cost method to estimate the economic value of cultural goods: Blockbuster art exhibitions," Hacienda Pública Española / Review of Public Economics, IEF, vol. 196(1), pages 37-63, january.
    2. Crooker, John R., 2007. "Nonparametric Bounds on Welfare with Measurement Error in Prices: Techniques for Non-Market Resource Valuation," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 36(2), pages 1-14, October.
    3. Catherine Heyes & Anthony Heyes, 1999. "Willingness to Pay Versus Willingness to Travel: Assessing the Recreational Benefits from Dartmoor National Park," Journal of Agricultural Economics, Wiley Blackwell, vol. 50(1), pages 124-139, January.
    4. Gripp, Sharon I. & Luloff, A.E. & Yonkers, Robert D., 1994. "Reporting Response Rates For Telephone Surveys Used In Agricultural Economics Research," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 23(2), pages 1-7, October.
    5. Dhakal, Bhubaneswor & Yao, Richard T. & Turner, James A. & Barnard, Tim, 2012. "Recreational users' willingness to pay and preferences for changes in planted forest features," Forest Policy and Economics, Elsevier, vol. 17(C), pages 34-44.
    6. C. Woo & J. Zarnikau & E. Kollman, 2012. "Exact welfare measurement for double-log demand with partial adjustment," Empirical Economics, Springer, vol. 42(1), pages 171-180, February.

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