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Returns to education : the causal effects of education on earnings, health and smoking
Heckman, James J.; Humphries, John Eric; Veramendi, Gregory - 2016
This paper estimates returns to education using a dynamic model of educational choice that synthesizes approaches in the structural dynamic discrete choice literature with approaches used in the reduced form treatment effect literature. It is an empirically robust middle ground between the two...
Persistent link: https://www.econbiz.de/10011476582
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Where Next for Discrete Choice Health Valuation Exercises?
Flynn, Terry N. - 2016
This paper explores five under-recognised conceptual issues in the use of discrete choice tasks in eliciting a tariff for health and/or quality of life instruments. Its purpose is not to explore econometric and statistical techniques but to offer advice on design and practical matters gleaned...
Persistent link: https://www.econbiz.de/10012986774
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Semiparametric discrete choice models for bundles
Ouyang, Fu; Yang, Thomas Tao - 2020
Persistent link: https://www.econbiz.de/10012318455
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Sequential estimation of structural models with a fixed point constraint
Kasahara, Hiroyuki (contributor);  … - 2008
This paper considers the estimation problem of structural models for which empirical restrictions are characterized by a fixed point constraint, such as structural dynamic discrete choice models or models of dynamic games. We analyze the conditions under which the nested pseudo-likelihood (NPL)...
Persistent link: https://www.econbiz.de/10003782944
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Sequential estimation of structural models with a fixed point constraint
Kasahara, Hiroyuki; Shimotsu, Katsumi - 2008
This paper considers the estimation problem of structural models for which empirical restrictions are characterized by a fixed point constraint, such as structural dynamic discrete choice models or models of dynamic games. We analyze the conditions under which the nested pseudo-likelihood (NPL)...
Persistent link: https://www.econbiz.de/10003805996
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Investment under risk with discrete and continuous assets
Elbers, Chris; Gunning, Jan Willem; Vigh, Melinda - 2009
This paper considers a general class of stochastic dynamic choice models with discrete and continuous decision variables. This class contains a variety of models that are useful for modeling intertemporal household decisions under risk. Our examples are drawn from the field of development...
Persistent link: https://www.econbiz.de/10011378329
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Nested pseudo-likelihood estimation and bootstrap-based inference for structural discrete Markov decision models
Kasahara, Hiroyuki (contributor);  … - 2006
iteration. We then extend the NPL estimators to develop one-step NPL bootstrap procedures for discrete Markov decision models … and provide some Monte Carlo evidence based on a machine replacement model of Rust (1987). The proposed one-step bootstrap … expansion ; k-step bootstrap ; maximum pseudo-likelihood estimators ; nested fixed point algorithm ; Newton-Raphson method …
Persistent link: https://www.econbiz.de/10003274966
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Estimation of Finite Sequential Games
Maruyama, Shiko - 2012
I study the estimation of finite sequential games with perfect information. The major challenge in estimation is computation of high-dimensional truncated integration whose domain is complicated by strategic interaction. I show that this complication resolves when unobserved...
Persistent link: https://www.econbiz.de/10013115565
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Iteration Capping for Discrete Choice Models Using the EM Algorithm
Kabatek, Jan - 2013
The Expectation-Maximization (EM) algorithm is a well-established estimation procedure which is used in many domains of econometric analysis. Recent application in a discrete choice framework (Train, 2008) facilitated estimation of latent class models allowing for very exible treatment of...
Persistent link: https://www.econbiz.de/10013084986
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Partial Identification and Inference for Dynamic Models and Counterfactuals
Kalouptsidi, Myrto - 2020
We provide a general framework for investigating partial identification of structural dynamic discrete choice models and their counterfactuals, along with uniformly valid inference procedures. In doing so, we derive sharp bounds for the model parameters, counterfactual behavior, and...
Persistent link: https://www.econbiz.de/10012841952