Environmental Quality Preference and Benefit Estimation in Multinomial Probit Models: A Simulation Approach
用模拟最大似然法估计随机参数多项概率模型，分析休闲钓鱼目的地选择中个体对环境质量的异质性偏好，发现考虑异质性后环境政策收益的标准差更高。
Abstract Simulated maximum likelihood is used to estimate a random parameter multinomial probit model of destination choice for recreational fishing trips, formulated to accommodate varying tastes and varying perceptions of environmental quality across individuals. The restricted likelihood ratio test strongly rejects the independent probit model, which is similar to the independent logit model in both the parameter and benefit estimates. Furthermore, both the Krinsky‐Robb and bootstrapping procedures suggest that the benefit (standard deviation) of an environmental policy is found to be markedly lower (higher) when heterogeneous preferences are taken into account.