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Parametric and semi-parametric modelling of vacation expenditures

Author

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  • Melenberg, B.

    (Tilburg University, Center For Economic Research)

  • van Soest, A.H.O.

    (Tilburg University, Center For Economic Research)

Abstract

We analyse several limited dependent variable models explaining the budget share that Dutch families spend on vacations. To take account of the substantial number of zero shares, two types of models are used. The first is the single-equation censored regression model. We estimate and test several parametric and semiparametric extensions of the Tobit model. Second, we consider two-equation models, in which the participation decision and the decision on the amount to spend are treated separately. The first decision is modelled as a binary choice model; the second as a conditional regression. We estimate and test parametric and semiparametric specifications. Copyright 1996 by John Wiley & Sons, Ltd.
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Suggested Citation

  • Melenberg, B. & van Soest, A.H.O., 1991. "Parametric and semi-parametric modelling of vacation expenditures," Discussion Paper 1991-44, Tilburg University, Center for Economic Research.
    • Handle: RePEc:tiu:tiucen:8bc4cf15-777e-4302-855d-917b3ddbdb31
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    References listed on IDEAS

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    1. Powell, James L, 1986. "Symmetrically Trimmed Least Squares Estimation for Tobit Models," Econometrica, Econometric Society, vol. 54(6), pages 1435-1460, November.
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    3. Powell, James L., 1984. "Least absolute deviations estimation for the censored regression model," Journal of Econometrics, Elsevier, vol. 25(3), pages 303-325, July.
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    7. Eymann, Angelika & Ronning, Gerd, 1992. "Microeconometric models of tourists' destination choice," Discussion Papers, Series II 171, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
    8. Ruud, Paul A., 1986. "Consistent estimation of limited dependent variable models despite misspecification of distribution," Journal of Econometrics, Elsevier, vol. 32(1), pages 157-187, June.
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    Keywords

    Consumer Choice; Recreation;

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