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|
|Date of revision:|
|Contact details of provider:|| Postal: University of Wisconsin, Dept. of Agricultural and Applied Economics, 427 Lorch Street, Madison, WI 53706|
Web page: http://www.aae.wisc.edu/
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- Milon, J. Walter, 1988. "Travel Cost Methods for Estimating the Recreational Use Benefits of Artificial Marine Habitat," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 20(01), pages 87-101, July.
- Rust, J., 1991. "Estimation of dynamic Structural Models: Problems and Prospects Part I : Discrete Decision Processes," Working papers 9106, Wisconsin Madison - Social Systems.
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- Fafchamps, Marcel, 1993. "Sequential Labor Decisions under Uncertainty: An Estimable Household Model of West-African Farmers," Econometrica, Econometric Society, vol. 61(5), pages 1173-97, September.
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