1998/05/01 by Kenneth Train · 2 citations
Economics, Econometrics and Finance · Business, Management and Accounting · #Economic and Environmental Valuation #Consumer Market Behavior and Pricing #Economics of Agriculture and Food Markets
paper · doi:10.2307/3147053
openalex publication_date 1998/05/01 · openalex created_date 2025/10/10 · openalex updated_date 2026/07/28
ABSTRACT: We estimate random-parameter logit models of anglers ' choice of fishing site. The models generalize logit by allowing coefficients to vary randomly over anglers rather than being fixed. The models do not exhIbit the restrictive "independence from irrelevant alternatives property of logit and can represent any substitution pattern. Estimation explicitly accounts for the fact that the variation in coefficients over anglers induces correlation in unobserved utility over trips by the same angler. Willingness-to-pay for improved fish stock and the value to anglers of specific sites are calculated from the models and compared with the estimates obtained from a standard logit model. I.