Model Uncertainty in Characterizing Recreation Demand
A Bayesian variable selection procedure is used to control for uncertainty in the specification of a recreational demand model. Specifically, we propose a model that draws on the Bayesian paradigm to integrate the variable selection process into the model and reflect the accompanying uncertainty about which is the â€œbestâ€ specification used for counterfactual predictions. The advantage of this procedure over previous non-Bayesian approaches is that overcomes the problem of pre-testing in specification searches.
|Date of creation:||12 Oct 2010|
|Date of revision:|
|Publication status:||Forthcoming in Environmental and Resource Economics|
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