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The implications of model specification for welfare estimation in nested logit models


American journal of agricultural economics 78(1): 103-114
The implications of model specification for welfare estimation in nested logit models
Nested logit models are increasingly being used to value environmental amenities. The implications of nesting structure, choice of estimator (FIML or sequential), and restrictions on parameters across nested groups on welfare estimates are examined. These issues have received little previous attention. Model selection criteria that can be used to distinguish among the models are extended and applied. Additionally, a simulation procedure is implemented to construct standard errors for the welfare measures.

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Accession: 002987903

DOI: 10.2307/1243782



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