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The focal point of the revealed preference (RP) valuation literature, including recreation demand and random utility maximization (RUM) models, has been on eliciting the “use” value associated with environmental amenities; i.e., that portion of value associated with direct use of a resource....
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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...
Persistent link: https://www.econbiz.de/10005557305
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...
Persistent link: https://www.econbiz.de/10005433306
In this paper we consider the theoretical and empirical ramifications of welfare measurement in revealed preference models when weak complementarity does not hold. In the context of a Kuhn-Tucker model of recreation demand we show that, while it is possible to estimate preferences that do not...
Persistent link: https://www.econbiz.de/10005437064
Not Available.
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No abstract
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