Two Nested Constant-Elasticity-of-Substitution Models of Recreational Participation and Site Choice: An ‘Alternatives’ Model and an ‘Expenditures’ Model
Edward Morey (),
William S. Breffle and
Pamela A. Greene
American Journal of Agricultural Economics, 2001, vol. 83, issue 2, 414-427
Two demand models of recreational participation and site choice are developed: an alternatives model and an expenditures model. Both assume maximization of utility over the year, so allow for diminishing marginal utility. They do not impose the restrictive assumption that where one goes on a trip is independent of where one plans to go on other occasions. Estimation is with a nested constant-elasticity-of-substitution preference ordering: it is relatively easy to estimate because of global regularity, it allows sites to be complements, and it has the potential to be locally flexible. The application is to Atlantic salmon fishing. Copyright 2001, Oxford University Press.
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:83:y:2001:i:2:p:414-427
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