Randomly Drawn Opportunity Sets in a Random Utility Model of Lake Recreation
Random Utility Models are widely applied in studies of recreation demand. The model is particularly useful when the number of recreation sites from which individuals may choose is large. Yet, when the number gets too large, say in the hundreds, estimation becomes burdensome. We present an analysis suggested by McFadden (1978) for dealing with large numbers of sites. We estimate a model using randomly drawn opportunity sets. We use each person's chosen site plus a random draw of as few as eleven other sites (when hundreds are available) to estimate a plausible behavioral model.
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