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| Chotikapanich, Duangkamon; Griffiths, William E.. |
| Beal’s (1995) method of estimating the value of Carnarvon Gorge for recreational use is re‐examined. When an inconsistency in her estimation procedure is corrected, the estimated value of Carnarvon Gorge for camping is found to be six times higher. The sensitivity of the estimate to the choice of functional form is examined, and standard errors and interval estimates for consumer surplus are provided. Comments are made about functional form choice and prediction in log‐log models. |
| Tipo: Journal Article |
Palavras-chave: Resource /Energy Economics and Policy. |
| Ano: 1998 |
URL: http://purl.umn.edu/117233 |
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| Chotikapanich, Duangkamon; Griffiths, William E.. |
| In econometrics there is a long history of using continuous functions to force distributed lag coefficients to behave in an economically accepted way. For example, geometrically declining lags have often been used to model coefficients that we believe should be declining. Polynomial lags have been used to model lag coefficients expected to increase and then decrease. In this paper a more flexible way of imposing such prior information is investigated. Inequality constraints are used to impose knowledge about the relative magnitudes of coefficients without forcing them to lie on a smooth continuous curve. A Metropolis algorithm is used to get posterior density functions for the lag coefficients and functions of those coefficients for the Nerlove orange data... |
| Tipo: Presentation |
Palavras-chave: Research Methods/ Statistical Methods. |
| Ano: 2000 |
URL: http://purl.umn.edu/123623 |
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