Journal article
Edward R. Morey, S. Breffle William, Pamela Greene
American Journal of Agricultual Economics, vol. 83(2), 2001, pp. 414-442
American Journal of Agricultual Economics, vol. 83(2), 2001, pp. 414-442
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Cite
APA
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Morey, E. R., William, S. B., & Greene, P. (2001). Two Nested Constant-Elasticity-of-Substitution Models of Recreational Participation and Site Choice: An 'Alternatives' Model and an 'Expenditures Modelled. American Journal of Agricultual Economics, 83(2), 414–442.
Chicago/Turabian
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Morey, Edward R., S. Breffle William, and Pamela Greene. “Two Nested Constant-Elasticity-of-Substitution Models of Recreational Participation and Site Choice: An 'Alternatives' Model and an 'Expenditures Modelled.” American Journal of Agricultual Economics 83, no. 2 (2001): 414–442.
MLA
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Morey, Edward R., et al. “Two Nested Constant-Elasticity-of-Substitution Models of Recreational Participation and Site Choice: An 'Alternatives' Model and an 'Expenditures Modelled.” American Journal of Agricultual Economics, vol. 83, no. 2, 2001, pp. 414–42.
BibTeX Click to copy
@article{edward2001a,
title = {Two Nested Constant-Elasticity-of-Substitution Models of Recreational Participation and Site Choice: An 'Alternatives' Model and an 'Expenditures Modelled},
year = {2001},
issue = {2},
journal = {American Journal of Agricultual Economics},
pages = {414-442},
volume = {83},
author = {Morey, Edward R. and William, S. Breffle and Greene, Pamela}
}
Abstract: 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 local regularity, it allows sites to be complements, and it has the potential to be locally flexible.
The application is to Atlantic salmon fishing.
Key words: Atlantic salmon fishing, neoclassical recreation demand, nested CES.
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 local regularity, it allows sites to be complements, and it has the potential to be locally flexible.
The application is to Atlantic salmon fishing.
Key words: Atlantic salmon fishing, neoclassical recreation demand, nested CES.
