Model Uncertainty in Characterizing Recreation Demand
AbstractA Bayesian variable selection procedure is used to control for uncertainty in the specification of a recreational demand model. Specifically, we propose a model that draws on the Bayesian paradigm to integrate the variable selection process into the model and reflect the accompanying uncertainty about which is the â€œbestâ€ specification used for counterfactual predictions. The advantage of this procedure over previous non-Bayesian approaches is that overcomes the problem of pre-testing in specification searches.
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Bibliographic InfoPaper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 32028.
Date of creation: 12 Oct 2010
Date of revision:
Publication status: Forthcoming in Environmental and Resource Economics
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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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Other versions of this item:
- Babatunde Abidoye & Joseph Herriges, 2012. "Model Uncertainty in Characterizing Recreation Demand," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 53(2), pages 251-277, October.
- C35 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions
- Q26 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Recreational Aspects of Natural Resources
- Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
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- Murdock, Jennifer, 2006. "Handling unobserved site characteristics in random utility models of recreation demand," Journal of Environmental Economics and Management, Elsevier, vol. 51(1), pages 1-25, January.
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