Table of Contents

The New Economics of Outdoor Recreation

The New Economics of Outdoor Recreation

Edited by Nick Hanley, W. Douglass Shaw and Robert E. Wright

This innovative book presents a series of up-to-date analyses of the economics of outdoor recreation. The distinguished group of authors covers real-world recreation management issues and applies economic understanding to these problems. An extensive introduction by the editors details the historical background of economists’ interests in this subject, and reveals how economics can provide practical insights into improving how we manage our natural recreation areas.

Chapter 9: Perceptions versus Objective Measures of Environmental Quality in Combined Revealed and Stated Preference Models of Environmental Valuation

Wiktor Adamowicz, Joffre Swait and Peter C. Boxall

Subjects: economics and finance, environmental economics, environment, environmental economics


Wiktor Adamowicz, Joffre Swait, Peter C. Boxall, Jordan Louviere and Michael Williams 1. INTRODUCTION Interest in combining revealed preference (RP) and stated preference (SP) data has risen in transportation (Ben Akiva and Morikawa, 1990) and marketing (Swait and Louviere, 1993; Swait et al., 1994). There are few studies in environmental economics, however, that have combined these data sources to examine effects of environmental quality change (Adamowicz et al., 1994; Cameron, 1992; Louviere, 1994). The advantages of combining RP and SP data include an increase in the amount of information available, the possibility of modelling ‘new goods’ (or goods with attribute levels outside the range of current levels), and the reduction in collinearity offered by the SP statistical designs (Adamowicz et al., 1994). While these features represent significant advantages in modelling the effects of environmental quality changes on recreation demands, a number of important issues remain to be examined. One of the major issues is the use of objective versus perceptual measures of environmental quality. In this chapter we examine a set of RP, SP and combined models of recreational site choice in a random utility framework. In these models the choices are assumed to be independent and are based on the respective utilities an individual receives from sites in a set of available alternatives (the choice set). The utility associated with alternative i is: Ui ϭVi ϩ␧i 165 (9.1) 166 Forests where (Vi ) is the deterministic component and (␧i ) is an error component. While most...

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