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Combining Revealed and Stated Preferences: Consistency Tests and Their Interpretations
Author(s) -
Azevedo Christopher D.,
Herriges Joseph A.,
Kling Catherine L.
Publication year - 2003
Publication title -
american journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.949
H-Index - 111
eISSN - 1467-8276
pISSN - 0002-9092
DOI - 10.1111/1467-8276.00453
Subject(s) - recreation , consistency (knowledge bases) , econometrics , revealed preference , test (biology) , economics , computer science , artificial intelligence , ecology , biology
This article models the recreation demand for Iowa wetlands, combining survey data on both actual usage patterns (i.e., revealed preferences (RPs)) and anticipated changes to those patterns under hypothetical increases in trip costs (i.e., stated preferences (SPs)). We formulate and test specific hypotheses concerning potential sources of bias in each approach and discuss what can be learned about the validity of the models from such tests.