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Welfare Estimation Using The Fourier Form: Simulation Evidence For The Recreation Demand Case

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Michael D. Creel

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Abstract

The paper considers the estimation of welfare measures when the functional form of demand is unknown. An adaptation of an argument of Gallant (1987) is used to show that welfare estimators based on a Fourier functional form for demand will be consistent under weak assumptions. Simulation evidence is presented for equivalent variation. True demand is a generalized Box-Cox function, estimated demand is a Fourier form, and equivalent variation is estimated by applying Vartia's (1983) algorithm to the estimated demand function. The estimator of equivalent variation has small asymptotic bias in the case of the assumed family of data generating processes. © 2000 by the President and Fellows of Harvard College and the Massachusetts Institute of Technolog

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Article provided by MIT Press in its journal The Review of Economics and Statistics.

Volume (Year): 79 (1997)
Issue (Month): 1 (February)
Pages: 88-94
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Handle: RePEc:tpr:restat:v:79:y:1997:i:1:p:88-94

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  1. Shaikh, Sabina L., 1998. "A Whale Of A Good Time: Exploring Flexibility In The Recreation Demand Model," 1998 Annual meeting, August 2-5, Salt Lake City, UT 20826, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  2. John Crooker, 2004. "Valuing Resource Access with Seminonparametric Techniques: An Application to Clear Lake," Center for Agricultural and Rural Development (CARD) Publications 04-wp352, Center for Agricultural and Rural Development (CARD) at Iowa State University. [Downloadable!]
  3. Sarker, Rakhal & Surry, Yves, 2003. "The Fast Decay Process In Recreational Demand Activities And The Use Of Alternative Count Data Models," Working Papers 34147, University of Guelph, Department of Food, Agricultural and Resource Economics. [Downloadable!]
  4. John Crooker & Joseph Herriges, 2004. "Parametric and Semi-Nonparametric Estimation of Willingness-to-Pay in the Dichotomous Choice Contingent Valuation Framework," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 27(4), pages 451-480, April. [Downloadable!] (restricted)
  5. Crooker, John R., 2004. "Valuing Resource Access with Seminonparametric Techniques: An Application to Clear L," Staff General Research Papers 11246, Iowa State University, Department of Economics. [Downloadable!]
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