First in Class? The Performance of Latent Class Model

Min Chen and Frank Lupi

No 103449, 2011 Annual Meeting, July 24-26, 2011, Pittsburgh, Pennsylvania from Agricultural and Applied Economics Association

Abstract: Researchers have been using the latent class model (LCM) to value recreational activities for years. Then the reliability of this model becomes an issue. We conduct Monte Carlo simulations to test if the latent class model is able to recover the truth. The simulation results show that LCM does a better job on recovering population average values than recovering underlying population segments.

Keywords: Environmental; Economics; and; Policy (search for similar items in EconPapers)
Pages: 2
Date: 2011
New Economics Papers: this item is included in nep-cmp, nep-ecm, nep-env and nep-mic
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea11:103449

DOI: 10.22004/ag.econ.103449

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