Benefit estimates from forest recreation: Flexible functional forms for WTP distributions

Riccardo Scarpa*, Susan M. Chilton, W. George Hutchinson

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

2 Citations (Scopus)

Abstract

Data from a large scale discrete choice contingent valuation study are used to estimate the recreational benefits from forest parks in the Republic of Ireland. In particular, we focus on the precision and differences in welfare estimates arising from linear and logarithmic bid transformations vis-a-vis the intermediate Box-Cox transformation. We estimate these models on both site-specific and pooled data from referendum contingent valuation responses with one follow-up. We find that flexible forms such as the Box-Cox transformation may considerably improve the fit in terms of parameters estimates, but their benefit in terms of more precise welfare estimates require large samples.

Original languageEnglish
Pages (from-to)41-54
Number of pages14
JournalJournal of Forest Economics
Volume6
Issue number1
Publication statusPublished - 01 Jan 2000

Keywords

  • Flexible functional forms
  • Forest recreation
  • Non-market valuation
  • Referendum contingent valuation

ASJC Scopus subject areas

  • Geography, Planning and Development
  • Forestry
  • Ecology

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