Document Type

Working Paper

Publication Date

10-8-2010

Working Paper Number

WP #10035, October 2010

Abstract

A Bayesian variable selection procedure is used to control for uncertainty in the specification of a recreational demand model. Specifically, we propose a model that draws on the Bayesian paradigm to integrate the variable selection process into the model and reflect the accompanying uncertainty about which is the "best" specification used for counterfactual predictions. The advantage of this procedure over previous non-Bayesian approaches is that overcomes the problem of pre-testing in specification searches.

Publication Status

Published in Environmental and Resource Economics, Vol. 53 no. 2 (October 2012): 251-277.

JEL Classification

C35, Q26, Q51

File Format

application/pdf

Length

36 pages

Included in

Economics Commons

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