Stewart, Jay - In: Journal of Economic and Social Measurement (2013) 3, pp. 263-290
] two-part model, and OLS. I find that the estimated marginal effects from Tobit are biased and that the bias increases with …. Because of the large number of zeros, Tobit would seem to be the natural approach. However, once it is recognized that these … of interest (typically much longer than a day), it is not clear that Tobit is appropriate. I examine the bias associated …