MAD ABOUT BLUE: AN EMPIRICAL COMPARISON OF MINIMUM ABSOLUTE DEVIATIONS AND ORDINARY LEAST SQUARES ESTIMATES OF CONSUMER SURPLUS
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This research evaluates methods for estimating consumer surplus from recreation demand models. MAD regression and MIMIC structural modeling are the primary tools employed. The results from simulated and actual data indicate that MAD regression outperforms OLS. Additionally, the analysis shows that well-defined, stable benefit-transfer functions can be developed.