Model Uncertainty in Characterizing Recreation Demand

Babatunde Abidoye and Joseph A. Herriges

Staff General Research Papers Archive from Iowa State University, Department of Economics

Abstract: A Bayesian variable selection procedure is used to control for uncertainty in the specification of a recreational demand model. Specifically, 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. The advantage of this procedure over previous non-Bayesian approaches is that overcomes the problem of pre-testing in specification searches.

JEL-codes: C35 Q26 Q51 (search for similar items in EconPapers)
Date: 2010-10-12
New Economics Papers: this item is included in nep-tur
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Forthcoming in Environmental and Resource Economics

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http://www2.econ.iastate.edu/papers/p12028-2010-10-12.pdf (application/pdf)

Related works:
Journal Article: Model Uncertainty in Characterizing Recreation Demand (2012)
Working Paper: Model uncertainty in characterizing recreation demand (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:isu:genres:32028

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