Dynamic Random Utility Modeling: A Monte Carlo Analysis
AbstractApplied studies of commercial fishing have largely ignored the intertemporal aspects of repeated site choices. For many fisheries, fishermen might choose a dynamically optimal cruise trajectory rather than myopic day-to-day strategies and a model that ignores these considerations will likely lead to biased parameter estimates and poor policy guidance. A dynamic random utility model is developed that utilizes the same information as static site-choice models but is entrenched in the principles of dynamic optimization. Using Monte Carlo analysis, we evaluate the performance of this estimator as compared to the static model for a variety of simulated fishery types. Copyright 2006, Oxford University Press.
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Bibliographic InfoArticle provided by Agricultural and Applied Economics Association in its journal American Journal of Agricultural Economics.
Volume (Year): 88 (2006)
Issue (Month): 4 ()
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- Hicks, Robert L. & Schnier, Kurt E., 2006. "AJAE Appendix: Dynamic Random Utility Modeling: A Monte Carlo Analysis," American Journal of Agricultural Economics Appendices, Agricultural and Applied Economics Association, vol. 88(4), November.
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