Có 60+ tài liệu thuộc chủ đề "kinh tế ứng dụng"
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In many, perhaps most situations, normal distributions provide an adequate representation of the random components. Hausman and Wise (1978) and Daganzo (1979) elucidated the generality of the specification for representing various aspects of choice behavior. which is an integral over only some of the values of ε n rather than all possible values, namely, the ε n ’s in B...
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6 Mixed Logit. Mixed logit is a highly flexible model that can approximate any random utility model (McFadden and Train, 2000). Like probit, the mixed logit model has been known for many years but has only become fully applicable since the advent of simulation.. The first application of mixed logit was apparently the automobile de- mand models created jointly by...
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The discrete choice models that we have discussed – namely, logit, nested logit, probit, and mixed logit – are used in the vast majority of applied work. In the current chapter, we describe several models that are derived under somewhat different behavioral concepts. These data are so called because people reveal their tastes, or preferences, though the choices they make...
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The thrust of the wave of discrete choice methods is to free the researcher to specify models that are tailor-made to her situation and issues. n =1 ln P n (β )/N , where P n ( β ) is the probability of the observed outcome for decision maker n, N is the sample size, and β is a K...
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In all cases, the researcher wants to calculate an average of the form ¯ t. The moments of the lognormal are functions of the mean and vari- ance of the normal that is exponentiated. Given values for the mean and variance of the lognormal, the appropriate val- ues of b and s to use in the transformation can be calculated....
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So far we have examined how to simulate choice probabilities but have not investigated the properties of the parameter estimators that are based on these simulated probabilities. These conditions provide guid- ance to the researcher on how the simulation needs to be performed to obtain desirable properties of the resultant estimator. This procedure is the same as maximum likelihood (ML)...
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11.1 Introduction. Figure 11.1 gives the estimated distri- bution of the campground coefficient. For example, the estimates imply that 47 percent of the population dislike having campgrounds at their fishing sites, while the other 53 percent like having them.. Some portion of the population will choose each alternative. They used maximum likelihood procedures to estimate the coefficients for each segment,...
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These authors showed how the parameters of the model can be estimated without needing to calculate the choice probabilities. The Bayesian procedures avoid two of the most prominent difficulties associated with classical procedures. With probit and some mixed logit models (especially those with lognormal distributions), maximiza- tion of the simulated likelihood function can be difficult numerically.. Another cost of the...
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Board of Governors of the Federal Reserve System. The authors permit faculty, students, and staff of the University of Chicago to copy and distribute any part of this work for use in classes taught at the University of Chicago.. We have designed this book to be a supplement to Robert J. In teaching these courses, we have found that Barro’s...
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This chapter introduces interest rates and growth rates. The amount of the investment is called the principal. The interest per unit of principal per unit of time is called the interest rate. The dollar units cancel, so this interest rate has units of one over years. Similarly, if the interest rate is apples per day per apple bor- rowed, the...
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Putting these two pieces together yields Crusoe’s optimal choices of labor, leisure, and consumption.. We can think of this output as being coconuts. Capital might be coconut trees, and labor is the amount of time Crusoe works, measured as a fraction of a day. We formalize this production process via a production function.. We often simplify our problems by assuming...
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Section 3.1 introduces the basic setup of the chapter. In Section 3.2 we work out a model in which households live for only two periods. Households live indefinitely in the model presented in Section 3.3. The fact that it is less than 1 means that the household cares a little more about current consumption than it cares about future consumption.....
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This chapter seeks to explain one stark fact: the authors used to withdraw $20 when they went to the ATM, whereas now they tend to withdraw $300. In our model, a consumer chooses how often to go to the bank and how much money to withdraw once there.. Let T be the amount of time (in fractions of a year)...
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The Market-Clearing Model. Most of the models that we use in this book build on two common assumptions. First, we assume that there exist markets for all goods present in the economy, and that all markets clear. Many of the models that we use throughout the rest of the book will be special cases of the general model presented here....
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The Labor Market. Section 6.1 contains a one- period model in which households are both demanders and suppliers of labor. Market clearing in the labor market determines the equilibrium wage rate. 6.1Equilibrium in the Labor Market. For each unit of labor supplied to others, a household receives a wage w , which is paid in consumption goods. (This has no...
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Inflation. This chapter examines the causes and consequences of inflation. Sections 8.1 and 8.2 relate inflation to money supply and demand. In Section 8.3 we extend Barro’s analysis with a closer look at the real effects of inflation.. This phenomenon is known as inflation. In this section we will link inflation to changes in the quantity of money in an...
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Business Cycles. Then we work out a real business cycle model in detail.. There is always a driving force behind economic fluctuations, some sort of shock or distur- bance that is the original cause of the cycle. Competing theories of the business cycle differ in which shocks and mechanisms they emphasize. In Section 9.2 we will concen- trate on the...
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One such model is presented in Chapter 10 of the Barro textbook. In this chapter we will discuss some exciting new research on the statistical characteristics of jobs and employment in the United States. The primary source for the material in this chapter is Job Creation and Destruc- tion, by Davis, Haltiwanger, and Schuh. This chapter can provide only a...
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A startling fact about eco- nomic growth is the large variation in the growth experience of different countries in re- cent history. In Section 11.1 we present a number of facts about economic growth, facts that we will seek to explain with our growth models. Section 11.2 introduces the Solow growth model, a classic in the theory of economic growth....
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Barro’s Figure 12.2 shows that expenditures by the U.S. We will examine government spending in three ways:. We shall consider the effect of permanent changes in government spending in order to think about the secular peacetime increases in spending;. We shall consider temporary changes in government spending in order to think about the effect of sudden spikes like wars;. That...