COMBINING FARRELL FRONTIER AND HEDONIC TRAVEL COST MODELS FOR VALUING ESTUARINE QUALITY

• 成果类型: Note
• 署名作者: SMITH, VK; PALMQUIST, RB; JAKUS, P
• 署名单位: University of Tennessee System; University of Tennessee Knoxville
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.2307/2109408
• 发表日期: 1991-11
• 页码: 694-699
• 关键词: Efficiency

摘要

This paper extends the Brown-Mendelsohn hedonic travel cost (HTC) model by estimating the travel cost function for each recreationist as a technically efficient frontier. It also constrains the marginal prices for desirable characteristics to be non-negative. The model is used to value improvements in the quality of sport fishing in the Albemarle-Pamlico Estuary in North Carolina. The application compares the performance of the frontier HTC with ordinary least squares estimates and finds the former to be free of problems identified in the literature and to provide more plausible and robust benefit estimates for quality improvements.