Hedonic travel cost and random utility models of recreation
Description:
Micro-economic theory began as an attempt to describe, predict and value the demand and supply of consumption goods. Quality was largely ignored at first, but economists have started to address quality within the theory of demand and specifically the question of site quality, which is an important component of land management. This paper demonstrates that hedonic and random utility models emanate from the same utility theoretical foundation, although they make different estimation assumptions. …
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Date:
July 9, 1998
Creator:
Pendleton, L.; Mendelsohn, R. & Davis, E.W.
Item Type:
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Partner:
UNT Libraries Government Documents Department