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The Extent of Information: Its Relevance for Random Utility Models

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Author Info
Robert L. Hicks
Ivar E. Strand
Abstract

This paper examines the effect of the researcher's definition of a recreator's choice set on the parameter and welfare estimates from standard random utility models. Three choice set definitions are compared: choice sets based on all alternatives within the survey, those alternatives within a specified distance from the respondents home, and alternatives familiar to the individual. We show that parameter and welfare estimates are sensitive to the definition of the choice set. Welfare measures of site closures differ in varying ways depending on the familiarity level of the sites in question.

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Publisher Info
Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 76 (2000)
Issue (Month): 3 ()
Pages: 374-385
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Handle: RePEc:uwp:landec:v:76:y:2000:i:3:p:374-385

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Q26 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Recreational Aspects of Natural Resources

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  1. Scrogin, David & Hofler, Richard & Boyle, Kevin & Milon, Walter, 2004. "On The Frontier Of Generating Revealed Preference Choice Sets: An Efficient Approach," 2004 Annual meeting, August 1-4, Denver, CO 20134, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  2. Jordan Louviere & Kenneth Train & Moshe Ben-Akiva & Chandra Bhat & David Brownstone & Trudy Cameron & Richard Carson & J. Deshazo & Denzil Fiebig & William Greene & David Hensher & Donald Waldman, 2005. "Recent Progress on Endogeneity in Choice Modeling," Marketing Letters, Springer, vol. 16(3), pages 255-265, December. [Downloadable!] (restricted)
  3. Hicks, Robert L. & Kirkley, James & Strand, Ivar E., Jr., 2004. "Short-Run Welfare Losses From Essential Fish Habitat Designations For The Surfclam And Ocean Quahog Fisheries," Marine Resource Economics, Marine Resources Foundation, vol. 19(1). [Downloadable!]
  4. J. DeShazo & Trudy Cameron & Manrique Saenz, 2009. "The Effect of Consumers’ Real-World Choice Sets on Inferences from Stated Preference Surveys," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 42(3), pages 319-343, March. [Downloadable!] (restricted)
  5. Christopher Avery & Caroline M. Hoxby, 2003. "Do and Should Financial Aid Packages Affect Students' College Choices?," NBER Working Papers 9482, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  6. Moore, Rebecca & Macpherson, Alex & Provencher, Bill, 2005. "A Dynamic Principal-Agent Model of Human-Mediated Aquatic Species Invasions," Staff Paper Series 485, University of Wisconsin, Agricultural and Applied Economics. [Downloadable!]
  7. MacPherson, Alexander J. & Moore, Rebecca & Provencher, Bill, 2006. "A Dynamic Principal-Agent Model of Human-Mediated Aquatic Species Invasions," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 35(1), April. [Downloadable!]
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