Functional Form and Welfare Measures in Truncated Recreation Demand Models

Teofilo Ozuna, Lonnie L. Jones and Oral Capps
Authors registered in the RePEc Author Service: ORAL CAPPS Jr. and Oral Capps, Jr.

American Journal of Agricultural Economics, 1993, vol. 75, issue 4, 1030-1035

Abstract: This article examines the effect on welfare measures of functional form choice and sample truncation. A truncated general Box-Cox model is developed for discriminating between alternative truncated functional forms. The model is applied to the valuation of three Texas coastal recreation sites. Neither the truncated double-log nor the truncated semilog forms are appropriate for the truncated data used in the empirical analysis. Different functional forms yield different consumer's surplus estimates when samples are truncated.

Date: 1993
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:75:y:1993:i:4:p:1030-1035.

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