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The Extent of Information: Its Relevance for Random Utility Models

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  • 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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Bibliographic 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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Web page: http://le.uwpress.org/

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Cited by:
  1. 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.
  2. Hicks, Robert L. & Schnier, Kurt E., 2010. "Spatial regulations and endogenous consideration sets in fisheries," Resource and Energy Economics, Elsevier, vol. 32(2), pages 117-134, April.
  3. Scrogin, David & Hofler, Richard & Boyle, Kevin J. & Milon, J. 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).
  4. Mario Du Preez & Deborah Ellen Lee & Stephen Gerald Hosking, 2011. "The recreational value of beaches in the Nelson Mandela Bay area, South Africa," Working Papers 239, Economic Research Southern Africa.
  5. John C. Whitehead & Timothy C. Haab, 1999. "SE MRFSS: Distance and Catch Based Choice Sets," Working Papers 9912, East Carolina University, Department of Economics.
  6. 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.
  7. Timothy C. Haab & Robert L. Hicks, . "Accounting for Choice Set Endogeneity in Random Utility Models of Recreation Demand," Working Papers 9710, East Carolina University, Department of Economics.
  8. Phaneuf, Daniel J. & Smith, V. Kerry, 2006. "Recreation Demand Models," Handbook of Environmental Economics, in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 2, chapter 15, pages 671-761 Elsevier.
  9. 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.
  10. 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.
  11. Cropper, Maureen L. & Isaac, William, 2011. "The Benefits of Achieving the Chesapeake Bay TMDLs (Total Maximum Daily Loads): A Scoping Study," Discussion Papers dp-11-31, Resources For the Future.
  12. 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.

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