Title
An efficiency approach to choice set formation: theory and application to recreational destination choice
Abbreviated Journal Title
Appl. Econ.
Keywords
RANDOM-UTILITY-MODELS; SITE CHOICE; DEMAND; DEFINITION; QUALITY; Economics
Abstract
An unresolved debate in behavioural choice research surrounds specifying individual choice sets. To overcome the limitations of deterministic and probabilistic approaches in a framework consistent with individual optimizing behaviour, this study develops an efficient frontiers approach to the choice set problem in the context of revealed preference destination choice. Stochastic frontier models relating costly inputs to utility generating outputs are estimated to measure the efficiency of sites; choice sets are then formed by retaining sites that exceed alternative efficiency thresholds. Choice set composition, site choice efficiency and probability of selection and consumer surplus are evaluated in the case of fishery site choice in Maine.
Journal Title
Applied Economics
Volume
42
Issue/Number
3
Publication Date
1-1-2010
Document Type
Article
Language
English
First Page
333
Last Page
350
WOS Identifier
ISSN
0003-6846
Recommended Citation
"An efficiency approach to choice set formation: theory and application to recreational destination choice" (2010). Faculty Bibliography 2010s. 756.
https://stars.library.ucf.edu/facultybib2010/756
Comments
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