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Estimation and Welfare Calculations in a Generalized Corner Solution Model with an Application to Recreation Demand

Daniel Phaneuf, Catherine Kling () and Joseph Herriges ()

The Review of Economics and Statistics, 2000, vol. 82, issue 1, 83-92

Abstract: The Kuhn-Tucker model of Wales and Woodland (1983) provides a utility theoretic framework for estimating preferences over commodities for which individuals choose not to consume one or more of the goods. Due to the complexity of the model, however, there have been few applications in the literature and little attention has been paid to the problems of welfare analysis within the Kuhn-Tucker framework. This paper provides an application of the model to the problem of recreation demand. In addition, we develop and apply a methodology for estimating compensating variation, relying on Monte Carlo integration to derive expected welfare changes. © 2000 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology

Date: 2000
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Working Paper: Estimation and Welfare Calculations in a Generalized Corner Solution Model with an Application to Recreation Demand (2000) Downloads
Working Paper: Estimation and Welfare Calculations in a Generalized Corner Solution Model with an Application to Recreation Demand (1998) Downloads
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The Review of Economics and Statistics is currently edited by Amitabh Chandra, Olivier Coibion, Bryan S. Graham, Shachar Kariv, Amit K. Khandelwal, Asim Ijaz Khwaja, Brigitte C. Madrian and Rohini Pande

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