MAD ABOUT BLUE: AN EMPIRICAL COMPARISON OF MINIMUM ABSOLUTE DEVIATIONS AND ORDINARY LEAST SQUARES ESTIMATES OF CONSUMER SURPLUS

Matthew F. Bingham, Douglas J. MacNair and Richard W. Dunford

No 20828, 1998 Annual meeting, August 2-5, Salt Lake City, UT from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: This research evaluates methods for estimating consumer surplus from recreation demand models. MAD regression and MIMIC structural modeling are the primary tools employed. The results from simulated and actual data indicate that MAD regression outperforms OLS. Additionally, the analysis shows that well-defined, stable benefit-transfer functions can be developed.

Keywords: Consumer/Household Economics; Research Methods/ Statistical Methods (search for similar items in EconPapers)
Pages: 20
Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea98:20828

DOI: 10.22004/ag.econ.20828

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