In any nonlinear “difference-in-differences” model with strictly monotonic transformation function, the treatment …

of the lots. We correct the bias due to the existence of unsold lots using the sample selection model of Heckman …

functional model that can be applied to Romanian macro-economical reality, to issue conclusions, thouroughly justified from both …

borrowers. We employ a bivariate probit with censoring, approach that accounts for the underlying selectivity since rationed …

] 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 …