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On The Frontier Of Generating Revealed Preference Choice Sets: An Efficient Approach

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Author Info
Scrogin, David
Hofler, Richard
Boyle, Kevin
Milon, Walter
Abstract

Deterministic rules for generating choice sets are often employed by analysts confronting universal sets with large numbers of alternatives. For destination choice analysis, site exclusion rules defined by travel time, distance, or quality have a behavioral appeal, yet are fundamentally limited by their one-dimension scope. To remedy this shortcoming while maintaining the concept that trips require costly inputs to yield utility generating outputs, we develop and test an exclusion rule for generating choice sets defined by efficiency measures derived from stochastic frontier econometric models. Choice set composition, site choice efficiency and probability of selection, and consumer surplus are compared with results obtained under alternative exclusion rules.

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Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2004 Annual meeting, August 1-4, Denver, CO with number 20134.

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Date of creation: 2004
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Handle: RePEc:ags:aaea04:20134

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Keywords: Research Methods/ Statistical Methods;

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  1. Aigner, Dennis & Lovell, C. A. Knox & Schmidt, Peter, 1977. "Formulation and estimation of stochastic frontier production function models," Journal of Econometrics, Elsevier, vol. 6(1), pages 21-37, July. [Downloadable!] (restricted)
  2. Swait, Joffre & Ben-Akiva, Moshe, 1987. "Empirical test of a constrained choice discrete model: Mode choice in São Paulo, Brazil," Transportation Research Part B: Methodological, Elsevier, vol. 21(2), pages 103-115, April. [Downloadable!] (restricted)
  3. McConnell, Kenneth E. & Strand, Ivar E. & Blake-Hedges, Lynne, 1995. "Random Utility Models of Recreational Fishing: Catching Fish Using a Poisson Process," Marine Resource Economics, Marine Resources Foundation, vol. 10(3). [Downloadable!]
  4. Smith, V Kerry & Palmquist, Raymond B & Jakus, Paul, 1991. "Combining Farrell Frontier and Hedonic Travel Cost Models for Valuing Estuarine Quality," The Review of Economics and Statistics, MIT Press, vol. 73(4), pages 694-99, November. [Downloadable!] (restricted)
  5. Haab, Timothy C. & Hicks, Robert L., 1997. "Accounting for Choice Set Endogeneity in Random Utility Models of Recreation Demand," Journal of Environmental Economics and Management, Elsevier, vol. 34(2), pages 127-147, October. [Downloadable!] (restricted)
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  6. George R. Parsons & A. Brett Hauber, 1998. "Spatial Boundaries and Choice Set Definition in a Random Utility Model of Recreation Demand," Land Economics, University of Wisconsin Press, vol. 74(1), pages 32-48. [Downloadable!] (restricted)
  7. H. Spencer Banzhaf & V. Kerry Smith, 2007. "Meta-analysis in model implementation: choice sets and the valuation of air quality improvements," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 22(6), pages 1013-1031. [Downloadable!]
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  8. Morey, Edward R. & Waldman, Donald M., 1998. "Measurement Error in Recreation Demand Models: The Joint Estimation of Participation, Site Choice, and Site Characteristics," Journal of Environmental Economics and Management, Elsevier, vol. 35(3), pages 262-276, May. [Downloadable!] (restricted)
  9. Robert L. Hicks & Ivar E. Strand, 2000. "The Extent of Information: Its Relevance for Random Utility Models," Land Economics, University of Wisconsin Press, vol. 76(3), pages 374-385. [Downloadable!] (restricted)
  10. Uwe Jensen, 2000. "Is it efficient to analyse efficiency rankings?," Empirical Economics, Springer, vol. 25(2), pages 189-208. [Downloadable!] (restricted)
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