Estimation and Welfare Analysis With Large Demand Systems
提出一种估计大规模质量差异化商品个体偏好的方法，并构建希克斯福利测度，通过大西洋海滩旅行数据展示其应用。
We develop an approach for estimating individual or household level preferences for a large set of quality-differentiated goods and for constructing Hicksian welfare measures within the demand system framework. Our approach uses a maximum simulated likelihood procedure to recover estimates of the structural parameters and a multistage, Monte Carlo Markov chain algorithm for constructing Hicksian consumer surplus estimates. We illustrate our approach with a recreation dataset consisting of day trips to 62 Mid-Atlantic beaches.