Issues In The Development Of An Estimable Dynamic Model Of Recreation Behavior
Static travel cost models have been only partially successful in modeling the sequential aspects of a recreation decision like the decision to fish. In this paper we describe a dynamic structural model of the decision to visit a recreation site. The model is best described as a dynamic multinomial logit model. By virtue of its dynamic nature, the model avoids the problem of the independence of irrelevant alternatives that afflicts static multinomial logit models. Welfare effects of changes in site quality are easily calculated via dynamic programming.
|Date of creation:||Oct 1995|
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- Milon, J. Walter, 1988. "Travel Cost Methods For Estimating The Recreational Use Benefits Of Artificial Marine Habitat," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 20(01), July.
- repec:att:wimass:9106 is not listed on IDEAS
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- Rust, John, 1987. "Optimal Replacement of GMC Bus Engines: An Empirical Model of Harold Zurcher," Econometrica, Econometric Society, vol. 55(5), pages 999-1033, September.
- Provencher Bill, 1995. "Structural Estimation of the Stochastic Dynamic Decision Problems of Resource Users: An Application to the Timber Harvest Decision," Journal of Environmental Economics and Management, Elsevier, vol. 29(3), pages 321-338, November.
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