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An environmental and natural resource economics blog by Adam Bailey (below). For details and profile see About.
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© Adam Bailey and Economic Droplets, 2012-2026.
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Author Archives: Adam Bailey
In Defence of the Linear Demand Function
Presentations of microeconomic analysis often assume linear demand functions, but rarely justify them in terms of utility theory. However it can be done, and without making outrageous assumptions. Originally posted 11/2/2016. Re-posted following site reorganisation 21/6/2016. Run a Google search … Continue reading
Fishing and Economic Welfare
Within a static model of a fishery one can identify levels of fishing effort for maximum yield, maximum profits and maximum welfare. Where demand is downward-sloping, effort for maximum welfare will normally be above that for maximum profits but below … Continue reading
Posted in Fisheries
Tagged bioeconomic model, fishery economics, maximum welfare, maximum yield
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Sensitivity to Zone Definition in the Zonal Travel Cost Method
How sensitive are regression estimates based on aggregated data, zonal travel cost datasets for example, to the particular form of aggregation? Here I present an answer for one simple case. Originally posted 21/3/2016. Re-posted following site reorganisation 21/6/2016. This is … Continue reading
Posted in Recreation, Scientific method
Tagged replicability, zonal travel cost method
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Precision in the Zonal Travel Cost Method – A Case Study
Zonal travel cost studies often rely on very small datasets. Conventional estimates of precision are unreliable in those circumstances. Originally posted 19/6/2015. Re-posted following site reorganisation 21/6/2016. The zonal travel cost method (ZTCM) for estimating the use value of recreational … Continue reading
Posted in Recreation
Tagged heteroscedasticity, small sample size, zonal travel cost method
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