Welfare Effects of Omitting Substitute Prices and Qualities from Travel Cost Models: Reply (The)
AbstractThe bias to welfare estimates from omitting substitute prices or qualities in travel cost models is examined. The presence of bias depends on whether single or multiple site changes are examined and the degree of correlation between the omitted and included prices. For a multiple site price or quality change, even when omitted price is uncorrelated with included price, welfare estimates may be biased. Alternatively, if omitted price is perfectly correlated, the welfare measure may not be biased. The presence of the bias depends equally on both the degree of correlation and whether a single or multiple change occurs.
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Bibliographic InfoPaper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 1604.
Date of creation: 01 Jan 1991
Date of revision:
Publication status: Published in Land Economics 1991, vol. 67, pp. 132-33
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
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