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Some Results on the Variance of Welfare Estimates from Recreation Demand Models

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  • Catherine L. Kling

Abstract

This paper examines three points concerning the variances of consumer welfare measures: (1) the size of variance estimates depend on the assumed source of error, (2) the precision of welfare estimates (as measured by the coefficient of variation) generally falls with an increase in the size of the welfare change, and (3) the difference between Marshallian and Hicksian welfare measures also depends on the assumed source of error and may be small relative to the standard error. These results are demonstrated analytically using the linear or semilog demand function. A simple simulation experiment illustrates the possible magnitude of these points.

Suggested Citation

  • Catherine L. Kling, 1992. "Some Results on the Variance of Welfare Estimates from Recreation Demand Models," Land Economics, University of Wisconsin Press, vol. 68(3), pages 318-328.
    • Handle: RePEc:uwp:landec:v:68:y:1992:i:3:p:318-328
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    Cited by:

    1. Bowker, James Michael & Starbuck, C. Meghan & English, Donald B.K. & Bergstrom, John C. & Rosenberger, Randall S. & McCollum, Daniel W., 2009. "Estimating the Net Economic Value of National Forest Recreation: An Application of the National Visitor Use Monitoring Database," Faculty Series 59603, University of Georgia, Department of Agricultural and Applied Economics.
    2. Beatty, Timothy K.M. & Brozovic, Nicholas & Ward, Michael B., 2005. "Consumer Surplus Estimates and the Source of Regression Error," 2005 Annual meeting, July 24-27, Providence, RI 19477, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    3. Larson, Douglas & Lew, Daniel & Loomis, John, 1999. "Are Revealed Preference Measures of Quality Change Benefits Statistically Significant?," Western Region Archives 321712, Western Region - Western Extension Directors Association (WEDA).
    4. Bowker, James Michael & English, Donald B.K. & Bergstrom, John C. & Starbuck, C. Meghan, 2005. "Valuing National Forest Recreation Access: Using a Stratified On-Site Sample to Generate Values Across Activities for a Nationally Pooled Sample," 2005 Annual meeting, July 24-27, Providence, RI 19506, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    5. Prayaga, Prabha, 2017. "Estimating the value of beach recreation for locals in the Great Barrier Reef Marine Park, Australia," Economic Analysis and Policy, Elsevier, vol. 53(C), pages 9-18.
    6. Alston, Julian M. & Larson, Douglas M., 1992. "Precision vs Bias in Choosing Welfare Measures," Working Papers 232414, University of California, Davis, Department of Agricultural and Resource Economics.
    7. English, Donald B.K., 2000. "A Simple Procedure for Generating Confidence Intervals in Tourist Spending Profiles and Resulting Economic Impacts," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 30(1), pages 1-16.

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