The focus of this Element is on the idea that choice is hierarchical so that there exists an order of acquisition of durable goods and assets as real incomes increase. Two main approaches to deriving such an order are presented, the so-called Paroush approach and Item Response Theory. An...

Hurdle and zero-inflated models are the two foremost methods used to deal with excess zeros. However, their reliance on the nonparticipation assumption is a drawback when applied to recreation demand analysis because there is not a theoretical framework convincingly explaining presence of...

Economic models often depend on quantities that are unobservable, either for privacy reasons or because they are difficult to measure. Examples of such variables include human capital (or ability), personal income, unobserved heterogeneity (such as consumer "types"), etc. This situation has...

Intro -- Table of Contents -- Foreword -- Introduction -- 1 Characteristics and Main Types of Measurement -- 1.1. Introduction -- 1.2. The basis of the measure -- 1.3. Attitude scales -- 1.4. Conclusion -- 1.5. Knowledge tests -- 2 Standardizing or Constructing a Measurement Scale -- 2.1....