Bootstrapping in Applied Welfare Analysis
AbstractBootstrapping procedures are used to estimate the statistical properties of common empirical welfare measures. Results from a Monte Carlo experiment indicate that welfare estimates such as Marshallian consumer surplus often exhibit significant bias. Standard errors of welfare estimates are found to often exceed the magnitude of the point estimate for typical cross-section data sets and are generally larger than the difference between comparable Hicksian and Marshallian measures. Precision of welfare estimates can be markedly enhanced through generating larger data sets, obtaining better model fits, and through imposition of innocuous inequality restrictions on the demand function parameters.
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoPaper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 1595.
Date of creation: 01 Jan 1990
Date of revision:
Publication status: Published in American Journal of Agricultural Economics 1990, vol. 72 no. 2, pp. 406-418
Contact details of provider:
Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
Web page: http://www.econ.iastate.edu
More information through EDIRC
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Bullock, David S. & Salhofer, Klaus, 2003. "Judging agricultural policies: a survey," Agricultural Economics, Blackwell, vol. 28(3), pages 225-243, May.
- Torres, Cati & Hanley, Nick & Riera, Antoni, 2011.
"How wrong can you be? Implications of incorrect utility function specification for welfare measurement in choice experiments,"
Journal of Environmental Economics and Management,
Elsevier, vol. 62(1), pages 111-121, July.
- Hanley, Nicholas & Riera, Antoni & Torres, Cati, 2010. "How wrong can you be? Implications of incorrect utility function specification for welfare measurement in choice experiments," Stirling Economics Discussion Papers 2010-12, University of Stirling, Division of Economics.
- Dimitrios Dadakas & Stelios Katranidis, 2008. "Single Versus Multi-market Approach: An Application to the Greek Cotton Market," Atlantic Economic Journal, International Atlantic Economic Society, vol. 36(4), pages 469-481, December.
- Dimitrios, Dadakas & Stelios, Katranidis D., 2006.
"The Effects of Trade Liberalization in Textiles and Clothing on the Greek Market for Cotton Yarn: A Multi-Market Analysis,"
2006 Annual Meeting, August 12-18, 2006, Queensland, Australia
25779, International Association of Agricultural Economists.
- Dimitrios Dadakas & Stelios D. Katranidis, 2010. "The Effects of Trade Liberalization in Textiles and Clothing on the Greek Market for Cotton Yarn: A Multi-Market Analysis," Review of International Economics, Wiley Blackwell, vol. 18(1), pages 138-152, 02.
- Jeong, Kyeong-Soo & Garcia, Philip & Bullock, David S., 2003. "A statistical method of multi-market welfare analysis applied to Japanese beef policy liberalization," Journal of Policy Modeling, Elsevier, vol. 25(3), pages 237-256, April.
- Dixie Reaves & Randall Kramer & Thomas Holmes, 1999. "Does Question Format Matter? Valuing an Endangered Species," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 14(3), pages 365-383, October.
- Bullock, D. S. & Salhofer, K., 1998. "Measuring the social costs of suboptimal combinations of policy instruments: A general framework and an example," Agricultural Economics, Blackwell, vol. 18(3), pages 249-259, May.
- Smith, V. Kerry, 1989. "Taking Stock of Progress with Travel Cost Recreation Demand Methods: Theory and Implementation," Marine Resource Economics, Marine Resources Foundation, vol. 6(4).
- Christiana E. Hilmer & Matthew T. Holt & Richard C. Bishop, 2010.
"Bootstrapping Your Fish or Fishing for Bootstraps? Precision of Welfare Loss Estimates from a Globally Concave Inverse Demand Model of Commercial Fish Landings in the U.S. Great Lakes,"
American Journal of Agricultural Economics,
Agricultural and Applied Economics Association, vol. 93(1), pages 98-112.
- Bishop, Richard C. & Holt, Matthew T. & Hilmer, Christiana E., 2004. "Bootstrapping Your Fish Or Fishing For Bootstraps?: Precision Of Welfare Loss Estimates From A Globally Concave Inverse Demand Model Of Commercial Fish Landings In The U.S. Great Lakes," 2004 Annual meeting, August 1-4, Denver, CO 20272, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
- 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).
- Hanley, Nicholas & Riera, Antoni & Torres, Cati, 2009.
"The implications of incorrect utility function specification for welfare measurement in choice experiments,"
Stirling Economics Discussion Papers
2009-07, University of Stirling, Division of Economics.
- Catalina M. Torres Figuerola & Nick Hanley & Antoni Riera Font, 2008. "The implications of incorrect utility function specification for welfare measurement in choice experiments," CRE Working Papers (Documents de treball del CRE) 2008/6, Centre de Recerca Econòmica (UIB ·"Sa Nostra").
- 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).
- Boyce, John R., 1993. "Using Participation Data to Estimate Fishing Costs for Commercial Salmon Fisheries in Alaska," Marine Resource Economics, Marine Resources Foundation, vol. 8(4).
- Dadakas, Dimitrios & Katranidis, Stelios D., 2006. "MFA Quotas Elimination: the Case of Cotton Yarn in Greece - a Multi-Market vs. a Single Market Analysis," 2006 Annual meeting, July 23-26, Long Beach, CA 21390, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Stephanie Bridges) The email address of this maintainer does not seem to be valid anymore. Please ask Stephanie Bridges to update the entry or send us the correct address.
If references are entirely missing, you can add them using this form.