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Joint Estimation of Revealed and Stated Preference Data: An Application to Recreational Red Snapper Valuation

Published online by Cambridge University Press:  15 September 2016

Dhazn Gillig ,
Richard Woodward ,
Teofilo Ozuna Jr.  and
Wade L. Griffin
Dhazn Gillig
Affiliation:
Department of Agricultural Economics, Texas A&M University
Richard Woodward
Affiliation:
Department of Agricultural Economics, Texas A&M University
Teofilo Ozuna Jr.
Affiliation:
Department of Economics and Finance, University of Texas-Pan American
Wade L. Griffin
Affiliation:
Department of Agricultural Economics, Texas A&M University
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Abstract

This study extends the joint estimation of revealed and stated preference data literature by accounting for truncation in the revealed preference data. The analytical model and estimation procedure are used to estimate the value of recreational red snapper fishing in the Gulf of Mexico. This recreational red snapper valuation is decomposed into its direct and indirect components. As expected, the value of recreational red snapper fishing using the joint revealed-stated preference model proposed in this analysis is bracketed on the upper limit by the value obtained using the contingent valuation method and on the lower limit by the travel cost method. The results also indicate that the joint model improves the precision of estimated recreational red snapper valuation.

Keywords

bivariate normal distributioncontingent valuationrecreation demandtravel cost
Type
Articles
Information
Agricultural and Resource Economics Review , Volume 32 , Issue 2 , October 2003 , pp. 209 - 221
Copyright
Copyright © 2003 Northeastern Agricultural and Resource Economics Association 

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