Inducing Patterns of Correlation and Substitution in Repeated Logit Models of Recreation Demand
15 Pages Posted: 14 May 2003
There are 2 versions of this paper
Inducing Patterns of Correlation and Substitution in Repeated Logit Models of Recreation Demand
Inducing Patterns of Correlation and Substitution in Repeated Logit Models of Recreation Demand
Abstract
Repeated logit models are among the most commonly applied methods for modeling seasonal recreation demand. In this article we examine the capabilities of the repeated nested logit and repeated mixed logit models to capture patterns of error correlation and demand substitution. Particular attention is paid to the use of the mixed logit framework to generalize the strong assumptions on correlation patterns across sites and choice occasions imbedded in the nested logit model. We examine the implications for the range of price elasticities allowed in both models based on the implied correlation structures.
Suggested Citation: Suggested Citation
Do you have a job opening that you would like to promote on SSRN?
Recommended Papers
-
Private Investment and Government Protection
By Carolyn Kousky, Erzo F. P. Luttmer, ...
-
Private Investment and Government Protection
By Carolyn Kousky, Erzo F. P. Luttmer, ...
-
Natural Disasters and the Supply of Home Insurance
By Martin F. Grace and Robert W. Klein
-
Tax-Deductible Pre-Event Catastrophe Loss Reserves: The Case of Florida
By Andreas Milidonis and Martin F. Grace
-
The Unholy Trinity: Fat Tails, Tail Dependence, and Micro-Correlations
By Carolyn Kousky and Roger M. Cooke
-
Homeowners Insurance: Market Trends, Issues and Problems
By Martin F. Grace and Robert W. Klein
-
Improving Flood Insurance and Flood Risk Management: Insights from St. Louis, Missouri
By Carolyn Kousky and Howard Kunreuther
-
By Craig E. Landry, Paul Hindsley, ...