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Dynamic Random Utility Modeling: A Monte Carlo Analysis

  • Robert L. Hicks
  • Kurt E. Schnier

Applied studies of commercial fishing have largely ignored the intertemporal aspects of repeated site choices. For many fisheries, fishermen might choose a dynamically optimal cruise trajectory rather than myopic day-to-day strategies and a model that ignores these considerations will likely lead to biased parameter estimates and poor policy guidance. A dynamic random utility model is developed that utilizes the same information as static site-choice models but is entrenched in the principles of dynamic optimization. Using Monte Carlo analysis, we evaluate the performance of this estimator as compared to the static model for a variety of simulated fishery types. Copyright 2006, Oxford University Press.

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File URL: http://hdl.handle.net/10.1111/j.1467-8276.2006.00900.x
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Article provided by Agricultural and Applied Economics Association in its journal American Journal of Agricultural Economics.

Volume (Year): 88 (2006)
Issue (Month): 4 ()
Pages: 816-835

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Handle: RePEc:oup:ajagec:v:88:y:2006:i:4:p:816-835
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