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| Randall, Alan; Chen, Ding-Rong. |
| Because original high-quality non-market valuation studies can be expensive, perhaps prohibitively so, benefits transfer (BT) approaches are often used for valuing, e.g., the outputs of multifunctional agriculture. Here we focus on the use of BT functions, a preferred method, and address an under-appreciated problem – variable selection uncertainty – and demonstrate a conceptually superior method of resolving it. We show that the standard method of value-function BT, using the full estimated model, may generate BT values that are too sensitive to insignificant variables, whereas models reduced by backward elimination of insignificant variables pay no attention to insignificant variables that may in fact have some influence on values. Rather than searching... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Research Methods/ Statistical Methods. |
| Ano: 2011 |
URL: http://purl.umn.edu/114788 |
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| Randall, Alan; Kidder, Ayuna; Chen, Ding-Rong. |
| As a contribution to valuing the outputs of multifunctional agriculture, we report three new meta analyses estimating value functions for agricultural conservation program impacts on water quality, wetlands, and upland habitat and open space. As is often the case in valuation, where methods have yet to be standardized, the data sets are relatively small and noisy. With a clear objective of benefits transfer, we seek robust parameter estimates for key RHS variables, even at the cost of some loss of goodness of fit. We present our estimated full equations, and benefits transfer values calculated from equations estimated after backward elimination of insignificant variables, and offer a rationale for this approach to benefits transfer. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Meta analysis; Benefits transfer; Multifunctional agriculture; Resource /Energy Economics and Policy. |
| Ano: 2008 |
URL: http://purl.umn.edu/43648 |
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