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Issues In The Development Of An Estimable Dynamic Model Of Recreation Behavior

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  • Bill PROVENCHER

    ()

  • Richard C. BISHOP

    ()

Abstract

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.

Suggested Citation

  • Bill PROVENCHER & Richard C. BISHOP, 1995. "Issues In The Development Of An Estimable Dynamic Model Of Recreation Behavior," Staff Papers 387, University of Wisconsin Madison, AAE.
  • Handle: RePEc:wop:wiaesp:387
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    File URL: http://agecon.lib.umn.edu/wis/stpap387.pdf
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    References listed on IDEAS

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    1. 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.
    2. 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.
    3. Rust, J., 1991. "Estimation of dynamic Structural Models: Problems and Prospects Part I : Discrete Decision Processes," Working papers 9106, Wisconsin Madison - Social Systems.
    4. 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.
    5. Stephen K. Swallow, 1994. "Intraseason Harvest Regulation for Fish and Wildlife Recreation: An Application to Fishery Policy," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 76(4), pages 924-935.
    6. 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.
    7. Morey, Edward R. & Shaw, W. Douglass & Rowe, Robert D., 1991. "A discrete-choice model of recreational participation, site choice, and activity valuation when complete trip data are not available," Journal of Environmental Economics and Management, Elsevier, vol. 20(2), pages 181-201, March.
    8. Zvi Eckstein & Kenneth I. Wolpin, 1989. "The Specification and Estimation of Dynamic Stochastic Discrete Choice Models: A Survey," Journal of Human Resources, University of Wisconsin Press, vol. 24(4), pages 562-598.
    9. Fafchamps, Marcel, 1993. "Sequential Labor Decisions under Uncertainty: An Estimable Household Model of West-African Farmers," Econometrica, Econometric Society, vol. 61(5), pages 1173-1197, September.
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