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Use Of Principal Component Attractiveness Indexes In Recreation Demand Functions

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  • Wetzstein, Michael E.
  • Green, Richard D.

Abstract

The method of principal components is used to construct attractiveness indexes for existing and proposed wilderness areas in California. Rankings of areas based on this procedure are compared with those based on size and the subjective attractiveness index developed by the Forest Service. The derived indexes are then used to develop alternative opportunities variables that appear as explanatory variables in outdoor recreation demand functions. Results indicate that substantially better explanatory capacity can be achieved over alternative measures by including a competitive factor in the demand functions. The paper concludes by considering the substitution effects of introducing new wilderness areas into the system.

Suggested Citation

  • Wetzstein, Michael E. & Green, Richard D., 1978. "Use Of Principal Component Attractiveness Indexes In Recreation Demand Functions," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 3(1), pages 1-12, July.
    • Handle: RePEc:ags:wjagec:32405
    DOI: 10.22004/ag.econ.32405
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    References listed on IDEAS

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    1. Wickens, Michael R, 1972. "A Note on the Use of Proxy Variables," Econometrica, Econometric Society, vol. 40(4), pages 759-761, July.
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    3. W. E. Johnston & V. S. Pankey, 1968. "Some Considerations Affecting Empirical Studies of Recreational Use," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 50(5), pages 1739-1744.
    4. Jack L. Knetsch, 1963. "Outdoor Recreation Demands and Benefits," Land Economics, University of Wisconsin Press, vol. 39(4), pages 387-396.
    5. Burt, Oscar R & Brewer, Durward, 1971. "Estimation of Net Social Benefits from Outdoor Recreation," Econometrica, Econometric Society, vol. 39(5), pages 813-827, September.
    6. Wayne E. Boyet & George S. Tolley, 1966. "Recreation Projection Based on Demand Analysis," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 48(4_Part_I), pages 984-1001.
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    1. Wetzstein, Michael E. & Ziemer, Rod F., 1982. "A Truncated Regression Model Of Recreation Demand For California Wilderness Areas," 1982 Annual Meeting, August 1-4, Logan, Utah 279126, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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