Valuing Water Quality Improvements Using Revealed Preference Methods When Corner Solutions
نویسندگان
چکیده
When valuing water resources using multiple site recreation data, it is typical to observe many corner solutions. We present as a benchmark a theoretical model of recreation choice when corners are present, and assess the degree to which several empirical specifications match the benchmark. As an illustration, we estimate and compare the repeated nested logit, a random parameters repeated nested logit, systems of demand, and Kuhn-Tucker models and use the results to value changes in water quality in the Wisconsin Great Lakes region.
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