Estimating a model of sportfishing trip expenditures using a quasi-maximum likelihood approach

Richard Melstrom

Tourism Economics, 2017, vol. 23, issue 2, 448-459

Abstract: This article presents an exponential model of tourist expenditures estimated by a quasi-maximum likelihood (QML) technique. The advantage of this approach is that, unlike conventional OLS and Tobit estimators, it produces consistent parameter estimates under conditions of a corner solution at zero and heteroscedasticity. An application to sportfishing evaluates the role of socioeconomic demographics and species preferences on trip spending. The bias from an inappropriate estimator is illustrated by comparing the results from QML and OLS estimation, which shows that OLS significantly overstates the impact of trip duration on trip expenditures compared with the QML estimator. Both sets of estimates imply that trout and bass anglers spend significantly more on their fishing trips compared with other anglers.

Keywords: anglers; corner solution; heteroscedasticity; QML estimation; recreational fishing; spending (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:sae:toueco:v:23:y:2017:i:2:p:448-459

DOI: 10.5367/te.2015.0511

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