Recreation Demand Models with Taste Differences over People
We estimate random-parameter logit models of anglers' choices of fishing sites. The models generalize logit by allowing coefficients to vary randomly over anglers rather than being fixed. The models do not exhibit the restrictive "independence from irrelevant alternatives property" of logit and can represent any substitution pattern. Estimation explicitly accounts for the fact that the variation in coefficients over anglers induces correlation in unobserved utility over trips by the same angler. Willingness to pay for improved fish stock and the value to anglers of specific sites are calculated from the models and compared with the estimates obtained from a standard logit model.
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