Edward R. Morey

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Nested logit is increasingly advocated as a tool of recreational demand and benefit estimation. The intent of this short monograph is to lay out, in a simple fashion, the theory behind the nested-logit model of site choice and the nested-logit model of participation and site choice. Rigorous but straightforward derivations of the properties of nested-logit(More)
Estimating a demand system under the assumption that preferences are homogeneous may lead to biased estimates of parameters for any specific individual and significantly different expected consumer surplus estimates. This paper investigates several different parametric methods to incorporate heterogeneity in the context of a repeated discrete-choice model.(More)
Contingent valuation (CV) is used to estimate a neighborhood's willingness to pay (WTP) to preserve a 5.5-acre parcel of undeveloped land in Boulder, Colorado, that provides views, open space, and wildlife habitat. Households were surveyed to determine bounds on their WTP for preservation. An interval model is developed to estimate sample WTP as a function(More)
BACKGROUND Current estimates of the societal costs of depression do not include estimates of how much individuals diagnosed with Major Depressive Disorder (MDD) would be willing to pay to eliminate their depression or how much they would have to be paid in order to accept continued depression. Choice-question data and discrete-choice random-utility models(More)
We estimate the demand for local news service described by the offerings from newspapers, radio, television, the Internet, and Smartphone. The results show that the representative consumer values diversity in the reporting of news, more coverage of multicultural issues, and more information on community news. About two-thirds of consumers have a distaste(More)
A latent-class model is used to identify and characterize groups of patients who share similar attitudes towards treating depression. The results predict the probability of preference-group membership on the basis of observable characteristics and answers to attitudinal questions. Understanding the types of preference groups that exist and a patient's(More)
Now let's go back to our previously defined optimal distribution of resources and ask: What sort of economic organization is consistent with optimality? Let's first examine a central planner who likes decentralized decision making. What would she have to do to achieve the optimal allocation of society's scarce resource? Start by assuming a world of not(More)
First-best pricing or assignment of property rights for rival and non-excludable goods is often infeasible. In a second-best setting where the social planner cannot limit total use, we show common-property resources can be over or under-consumed. This depends on whether the external benefits of reallocating users to less congested goods outweigh the(More)
The intent of applied welfare economics is to distinguish good from bad, so it is a branch of moral philosphy/ethics. Said another way, welfare economists are in the business of determining whether a policy will increase or decrease happiness. For thirty-odd years I have done environmental valuation: trying to estimate in dollars or Euros individuals'(More)