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Empirical Investigation of the Consistency of Nested Logit Models with Utility Maximization (An)

  • Kling, Catherine L.
  • Herriges, Joseph A.

Global conditions under which nested logit models are consistent with utility maximization are provided by Daly and Zachary and by McFadden. Recently, Borsch-Supan and Herriges and Kling have provided conditions under which a nested logit model is locally consistent. However, previous work has not discussed implementation of these conditions. Here, three alternative approaches to checking and formally testing for the consistency conditions using classical statistics are investigated. In addition, a Bayesian approach to interpreting and imposing the local consistency conditions is provided. The application is based on anglers' choices regarding sportfishing alternatives in southern California. Key words: discrete choice models, environmental valuation, nested logit models, recreation demand.

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Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 1499.

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Date of creation: 01 Jan 1995
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Publication status: Published in American Journal of Agricultural Economics, January 1995, vol. 77 no. 4, pp. 875-884
Handle: RePEc:isu:genres:1499
Contact details of provider: Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
Web page: http://www.econ.iastate.edu
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