Estimating Ricardian Models With Panel Data

Emanuele Massetti, Robert Mendelsohn

NBER Working Paper No. 17101
Issued in June 2011
NBER Program(s):Environment and Energy Program

Many nonmarket valuation models, such as the Ricardian model, have been estimated using cross sectional methods with a single year of data. Although multiple years of data should increase the robustness of such methods, repeated cross sections suggest the results are not stable. We argue that repeated cross sections do not properly specify the model. Panel methods that correctly specify the Ricardian model are stable over time. The results suggest that many cross sectional methods including hedonic studies and travel cost studies could be enhanced using panel data.

Acknowledgments

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Document Object Identifier (DOI): 10.3386/w17101

Published: Emanuele Massetti & Robert Mendelsohn, 2011. "Estimating Ricardian Models With Panel Data," Climate Change Economics (CCE), World Scientific Publishing Co. Pte. Ltd., vol. 2(04), pages 301-319. citation courtesy of

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