Empirical Specification Requirements for Two‐Constraint Models of Recreation Choice

摘要: Two-constraint models are common in recreation-demand analysis because of the important role time can play consumer choices. Two versions Roy's identity hold for these and imply coefficient restrictions on empirical demand functions. The two-constraint fully observable be expressed a form analogous to Slutsky-Hicks equations single-constraint models. Empirical specifications that use full prices budgets consistent with models, when marginal value is either exogenous or endogenous, but money income alone not. Copyright 2001, Oxford University Press.