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Carnarvon Gorge: a comment on the sensitivity of consumer surplus estimation

  • Chotikapanich, Duangkamon
  • Griffiths, William E.

Beal’s (1995) method of estimating the value of Carnarvon Gorge for recreational use is re‐examined. When an inconsistency in her estimation procedure is corrected, the estimated value of Carnarvon Gorge for camping is found to be six times higher. The sensitivity of the estimate to the choice of functional form is examined, and standard errors and interval estimates for consumer surplus are provided. Comments are made about functional form choice and prediction in log‐log models.

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File URL: http://purl.umn.edu/117233
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Article provided by Australian Agricultural and Resource Economics Society in its journal Australian Journal of Agricultural and Resource Economics.

Volume (Year): 42 (1998)
Issue (Month): 3 (September)
Pages:

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Handle: RePEc:ags:aareaj:117233
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  1. Michael D. Creel, 1997. "Welfare Estimation Using The Fourier Form: Simulation Evidence For The Recreation Demand Case," The Review of Economics and Statistics, MIT Press, vol. 79(1), pages 88-94, February.
  2. Creel, Michael D & Loomis, John B, 1991. "Confidence Intervals for Welfare Measures with Application to a Problem of Truncated Counts," The Review of Economics and Statistics, MIT Press, vol. 73(2), pages 370-73, May.
  3. Kling, Catherine L., 1989. "The Importance Of Functional Form In The Estimation Of Welfare," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 14(01), July.
  4. Herriges, Joseph A. & Kling, Catherine L., 2003. "Recreation Demand Models," Staff General Research Papers 10211, Iowa State University, Department of Economics.
  5. Fisher, Gordon R. & McAleer, Michael, 1981. "Alternative procedures and associated tests of significance for non-nested hypotheses," Journal of Econometrics, Elsevier, vol. 16(1), pages 103-119, May.
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