Dynamic Random Utility Modeling: A Monte Carlo Analysis
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.
Year of publication: |
2006
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Authors: | Hicks, Robert L. ; Schnier, Kurt E. |
Published in: |
American Journal of Agricultural Economics. - Agricultural and Applied Economics Association - AAEA. - Vol. 88.2006, 4, p. 816-835
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Publisher: |
Agricultural and Applied Economics Association - AAEA |
Saved in:
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