Model Uncertainty in Characterizing Recreation Demand
نویسندگان
چکیده
A Bayesian variable selection procedure is used to control for uncertainty in the specification of a recreational demand model. In contrast to comparing models based on the likelihood values with unknown sampling properties (as in, e.g., Egan et al, 2009), we propose a model that draws on the Bayesian paradigm to integrate the variable selection process into the model and reflect the accompanying uncertainty about which is the “best” specification used for counterfactual predictions. Contact author information: 260 Heady Hall, Department of Economics, Iowa State University, Ames, IA 50011. email: [email protected]. Phone: 515-294-4964
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