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The authors examine the effects of public subsidies on the living arrangements of the disabled elderly who choose among living independently, living in an intergenerational household, and entering a nursing home. After quantifying effects of state policies on each arrangement, they estimate the...
Persistent link: https://www.econbiz.de/10005439807
The past few years have seen a highly charged debate about whether contingent valuation (CV) surveys can provide valid economic measures of people's values for environmental resources. In an effort to appraise the validity of CV measures of economic value, a distinguished panel of social...
Persistent link: https://www.econbiz.de/10005439808
This paper describes production analogs to the conditions used in consumer theory to recover measures of willingness to pay for non-marketed environmental resources. The analysis suggests that both weak complementarity and Hicksian neutrality have production analogs. Moreover, it indicates that...
Persistent link: https://www.econbiz.de/10005439809
The SNP estimator is the most convenient nonparametric method for simultaneously estimating the parameters of a nonlinear model and the density of a latent process by maximum likelihood. To determine if this convenience comes at a price, we assess the qualitative behavior of SNP in finite...
Persistent link: https://www.econbiz.de/10005439810
This paper reviews recently developed simulation-based minimum chi-square estimators for structural models. Particular attention is paid to selection of the auxiliary model that defines the GMM-type criterion used in the minimum chi-square estimation. Considerations of statistical efficiency and...
Persistent link: https://www.econbiz.de/10005439811
Efficient Method of Moments (EMM) is used to fit the standard stochastic volatility model and various extensions to several daily financial time series. EMM matches to the score of a model determined by data analysis called the score generator. Discrepancies reveal characteristics of data that...
Persistent link: https://www.econbiz.de/10005439813
Although only about a tenth of all elementary and high school students in the country attend private schools, those who do attend private schools are not a random sample of the school-age population. To the extent that they come from more affluent families or from families with a strong taste...
Persistent link: https://www.econbiz.de/10005439814
This paper summarizes comments at the Panel Discussion on Calibration at the Seventh World Congress of the Econometric Society, Keio University, Tokyo, Japan, 22-29 August 1995.
Persistent link: https://www.econbiz.de/10005439815
This paper considers the modeling strategies that have been used to incorporate time in revealed and stated preference methods for valuing environmental resources. After reviewing a subset of the economic models for describing time as an input to household production; time in creating habits and...
Persistent link: https://www.econbiz.de/10005439816
This paper examines the use of switching costs by long lived strategic buyers to manage dynamic competition between rival suppliers. The analysis reveals how buyers may employ switching costs to their advantage. We show, ironically, when switching costs are high a buyer may induce suppliers to...
Persistent link: https://www.econbiz.de/10005439817