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First in Class? The Performance of Latent Class Model

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  • Chen, Min
  • Lupi, Frank

Abstract

Researchers have been using the latent class model (LCM) to value recreational activities for years. Then the reliability of this model becomes an issue. We conduct Monte Carlo simulations to test if the latent class model is able to recover the truth. The simulation results show that LCM does a better job on recovering population average values than recovering underlying population segments.

Suggested Citation

  • Chen, Min & Lupi, Frank, 2011. "First in Class? The Performance of Latent Class Model," 2011 Annual Meeting, July 24-26, 2011, Pittsburgh, Pennsylvania 103449, Agricultural and Applied Economics Association.
  • Handle: RePEc:ags:aaea11:103449
    DOI: 10.22004/ag.econ.103449
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    Keywords

    Environmental Economics and Policy;

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