Nawata, Kazumitsu - In: Economics Bulletin 33 (2013) 3, pp. 2287-2297
, the estimator is inconsistent. In this paper, I propose a new estimator of the Box-Cox transformation model that modifies …The maximum likelihood estimator (MLE) under the normality assumption of error terms is widely used to estimate the Box-Cox … transformation model. However, since the error terms cannot be normally distributed, it is not a proper estimator. In other words …