The paper compares different estimation strategies of ordered response models in the presence of non-random unobserved heterogeneity. By running Monte Carlo simulations with a range of randomly generated panel data of differing crosssectional and longitudinal dimension sizes we assess the...

Behavioral (e.g. consumption) patterns of boundedly rational agents can lead these agents into learning dynamics that appear to be "wasteful" in terms of well-being or welfare. Within settings displaying preference endogeneity, it is however still unclear how to conceptualize well-being. This...