Dynamic Random Utility Modeling: A Monte Carlo Analysis

Robert Hicks and Kurt Schnier ()

American Journal of Agricultural Economics, 2006, vol. 88, issue 4, 816-835

Abstract: Applied studies of commercial fishing have largely ignored the intertemporal aspects of repeated site choices. For many fisheries, fishermen might choose a dynamically optimal cruise trajectory rather than myopic day-to-day strategies and a model that ignores these considerations will likely lead to biased parameter estimates and poor policy guidance. A dynamic random utility model is developed that utilizes the same information as static site-choice models but is entrenched in the principles of dynamic optimization. Using Monte Carlo analysis, we evaluate the performance of this estimator as compared to the static model for a variety of simulated fishery types. Copyright 2006, Oxford University Press.

Date: 2006
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Journal Article: AJAE Appendix: Dynamic Random Utility Modeling: A Monte Carlo Analysis (2006)
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