The Implications of Model Specification for Welfare Estimation in Nested Logit Models

Catherine Kling and Cynthia J. Thomson

American Journal of Agricultural Economics, 1996, vol. 78, issue 1, 103-114

Abstract: Nested logit models are increasingly being used to value environmental amenities. The implications of nesting structure, choice of estimator (FIML or sequential), and restrictions on parameters across nested groups on welfare estimates are examined. These issues have received little previous attention. Model selection criteria that can be used to distinguish among the models are extended and applied. Additionally, a simulation procedure is implemented to construct standard errors for the welfare measures. Copyright 1996, Oxford University Press.

Date: 1996
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