Model Uncertainty in Characterizing Recreation Demand

A Bayesian variable selection procedure is used to control for uncertainty in thespecication of a recreational demand model. In contrast to comparing models basedon the likelihood values with unknown sampling properties (as in, e.g., Egan et al,2009), we propose a model that draws on the Bayesian paradigm to integrate thevariable selection process into the model and reect the accompanying uncertaintyabout which is the \best" specication used for counterfactual predictions.[...]