The Extent of Information: Its Relevance for Random Utility Models
This paper examines the effect of the researcher's definition of a recreator's choice set on the parameter and welfare estimates from standard random utility models. Three choice set definitions are compared: choice sets based on all alternatives within the survey, those alternatives within a specified distance from the respondents home, and alternatives familiar to the individual. We show that parameter and welfare estimates are sensitive to the definition of the choice set. Welfare measures of site closures differ in varying ways depending on the familiarity level of the sites in question.
- Richard T. Melstrom & Deshamithra H. W. Jayasekera, 2017.
"Two-Stage Estimation to Control for Unobservables in a Recreation Demand Model with Unvisited Sites,"
University of Wisconsin Press, vol. 93(2), pages 328-341.
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- Timothy C. Haab & Robert L. Hicks, "undated". "Accounting for Choice Set Endogeneity in Random Utility Models of Recreation Demand," Working Papers 9710, East Carolina University, Department of Economics.
- Timothy C. Haab & Robert L. Hicks, "undated". "Accounting for Choice Set Endogeneity in Random Utility Models of Recreation Demand," Working Papers 9608, East Carolina University, Department of Economics.
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- Li, Lianhua & Adamowicz, Wiktor & Swait, Joffre, 2015. "The effect of choice set misspecification on welfare measures in random utility models," Resource and Energy Economics, Elsevier, vol. 42(C), pages 71-92.
- Scrogin, David & Hofler, Richard & Boyle, Kevin J. & Milon, J. Walter, 2004. "On The Frontier Of Generating Revealed Preference Choice Sets: An Efficient Approach," 2004 Annual meeting, August 1-4, Denver, CO 20134, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
- Kathleen P. Bell & Ivar E. Strand, 2003. "Reconciling Models of Recreational Route and Site Choices," Land Economics, University of Wisconsin Press, vol. 79(3), pages 440-454.
- Phaneuf, Daniel J. & Smith, V. Kerry, 2006. "Recreation Demand Models," Handbook of Environmental Economics,in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 2, chapter 15, pages 671-761 Elsevier.
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