Land Economics · 1998 · 1.1K citations · 20 references
Social SciencesNatural Resource EconomicsResource EconomicsEconometricsEnvironmental EconomicsFisheries EconomicsChoice ModelingConsumer TheoryDemand TheoryDiscrete Choice ModelsDiscrete Choice TheoryWillingness To PayDiscrete Choice Demand ModelsIndependence Of Irrelevant AlternativesRandom Parameter ModelsRecreation Demand AnalysisRecreation Demand EstimationRecreation Demand ModelingRecreational Demand AnalysisSubstitution Pattern Analysis
ABSTRACT: We estimate random-parameter logit models of anglers ' choice of fishing site. The models generalize logit by allowing coefficients to vary randomly over anglers rather than being fixed. The models do not exhIbit the restrictive "independence from irrelevant alternatives property of logit and can represent any substitution pattern. Estimation explicitly accounts for the fact that the variation in coefficients over anglers induces correlation in unobserved utility over trips by the same angler. Willingness-to-pay for improved fish stock and the value to anglers of specific sites are calculated from the models and compared with the estimates obtained from a standard logit model. I.
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