Demand Estimation Results Using Upstream HUC12s Instruments
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| First stage | ||||
| Travel costs | −0.006*** | −0.006*** | −0.006*** | −0.006*** |
| (0.000) | (0.000) | (0.000) | (0.000) | |
| Observations | 1,645,724 | 1,645,604 | 1,645,724 | 1,645,604 |
| Second stage | ||||
| Advisory | 0.055 | 0.009 | ||
| (0.035) | (0.023) | |||
| Predicted advisory | −0.430** | −0.430*** | ||
| (0.207) | (0.207) | |||
| Observations | 1,474 | 5,786 | 1,474 | 5,786 |
| Site-by-quarter fixed effects | No | Yes | No | Yes |
| IVs | Yes | Yes | ||
| Kleibergen-Paap rk Wald F | 30.23 | 30.40 | ||
| Stock-Yogo | 16.38 | 16.38 | ||
| MWTP | 9.210 | 1.513 | −72.395 | −72.395 |
Note: The Kleibergen-Paap rk Wald F-statistic is used in instrumental variable (IV) regressions to test for weak instruments. The Stock-Yogo threshold provides critical values to assess weak instrument bias. We generated 1,000 bootstrapped values of MWTP for each data sample and constructed 95% confidence intervals by deleting the top 5% and the lowest 5% of the distribution of bootstrapped values. MWTP = marginal willingness to pay.
↵* p < 0.1; ** p < 0.05; *** p < 0.01.