Estimation of Dynastic Life-Cycle Discrete Choice Models PDF Download
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Author: George-Levi Gayle
Publisher:
ISBN:
Category :
Languages : en
Pages : 82
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Book Description
This paper explores the estimation of a class of life-cycle discrete choice intergenerational models. It proposes a new semiparametric estimator. It shows that it is root-N-consistent and asymptotically normally distributed. We compare our estimator with a modified version of the full solution maximum likelihood estimator (MLE) in a Monte Carlo study. Our estimator performs comparably to the MLE in a finite sample but greatly reduces the computational cost. The paper documents that the quantity-quality trade-offs depend on the household composition and specialization in the household. Using the proposed estimator, we estimate a dynastic model that rationalizes these observed patterns.
Author: George-Levi Gayle
Publisher:
ISBN:
Category :
Languages : en
Pages : 82
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Book Description
This paper explores the estimation of a class of life-cycle discrete choice intergenerational models. It proposes a new semiparametric estimator. It shows that it is root-N-consistent and asymptotically normally distributed. We compare our estimator with a modified version of the full solution maximum likelihood estimator (MLE) in a Monte Carlo study. Our estimator performs comparably to the MLE in a finite sample but greatly reduces the computational cost. The paper documents that the quantity-quality trade-offs depend on the household composition and specialization in the household. Using the proposed estimator, we estimate a dynastic model that rationalizes these observed patterns.
Author: Mehmet Ali Soytas
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author: Gerd Ronning
Publisher:
ISBN:
Category :
Languages : en
Pages : 33
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Author:
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ISBN:
Category :
Languages : en
Pages :
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Author: Garrett Glasgow
Publisher: Cambridge University Press
ISBN: 1108877184
Category : Political Science
Languages : en
Pages : 131
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Book Description
In discrete choice models the relationships between the independent variables and the choice probabilities are nonlinear, depending on both the value of the particular independent variable being interpreted and the values of the other independent variables. Thus, interpreting the magnitude of the effects (the “substantive effects”) of the independent variables on choice behavior requires the use of additional interpretative techniques. Three common techniques for interpretation are described here: first differences, marginal effects and elasticities, and odds ratios. Concepts related to these techniques are also discussed, as well as methods to account for estimation uncertainty. Interpretation of binary logits, ordered logits, multinomial and conditional logits, and mixed discrete choice models such as mixed multinomial logits and random effects logits for panel data are covered in detail. The techniques discussed here are general, and can be applied to other models with discrete dependent variables which are not specifically described here.
Author: Christophe Alain Bruneel-Zupanc
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Jaap H. Abbring
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Fang and Wang's (2015) Proposition 2 claims generic identification of a dynamic discrete choice model with hyperbolic discounting under exclusion restrictions. We note that Proposition 2 uses a definition of “generic” that does not preclude that a generically identified model is nowhere identified. We provide two examples of models that are generically identified under this definition, but that are, respectively, everywhere and nowhere identified. We then show that the proof of Proposition 2 is incorrect and incomplete. We conclude that Proposition 2 has no implications for identification of the dynamic discrete choice model and suggest alternative approaches to its identification.
Author: Jerome Adda
Publisher: MIT Press
ISBN: 0262547880
Category : Business & Economics
Languages : en
Pages : 297
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Book Description
An integrated approach to the empirical application of dynamic optimization programming models, for students and researchers. This book is an effective, concise text for students and researchers that combines the tools of dynamic programming with numerical techniques and simulation-based econometric methods. Doing so, it bridges the traditional gap between theoretical and empirical research and offers an integrated framework for studying applied problems in macroeconomics and microeconomics. In part I the authors first review the formal theory of dynamic optimization; they then present the numerical tools and econometric techniques necessary to evaluate the theoretical models. In language accessible to a reader with a limited background in econometrics, they explain most of the methods used in applied dynamic research today, from the estimation of probability in a coin flip to a complicated nonlinear stochastic structural model. These econometric techniques provide the final link between the dynamic programming problem and data. Part II is devoted to the application of dynamic programming to specific areas of applied economics, including the study of business cycles, consumption, and investment behavior. In each instance the authors present the specific optimization problem as a dynamic programming problem, characterize the optimal policy functions, estimate the parameters, and use models for policy evaluation. The original contribution of Dynamic Economics: Quantitative Methods and Applications lies in the integrated approach to the empirical application of dynamic optimization programming models. This integration shows that empirical applications actually complement the underlying theory of optimization, while dynamic programming problems provide needed structure for estimation and policy evaluation.
Author:
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 1126
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Book Description
Author: Andreu Mas-Colell
Publisher: Cambridge University Press
ISBN: 9780521388702
Category : Business & Economics
Languages : en
Pages : 396
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Book Description
This book brings together the author's pioneering work, written over the last twenty years, on the use of differential methods in general equilibrium theory.
