It is proposed to sample antithetically rather than randomly from the posterior density in Bayesian inference using Monte Carlo integration. Conditions are established under which the number of replications required with ...
Aryal, G; Kim, D(American Statistical Association, 2013-01)
This article proposes a decision-theoretic method to choose a single reserve price for partially identified auction models, such as Haile and Tamer (2003), using data on transaction prices from English auctions. The article ...
Diermeier, D; Keane, M; Merlo, A(American Economic Association, 2005-01)
Our main goal is to quantify the returns to a career in the United States Congress. We specify a dynamic model of career decisions of a member of Congress and estimate this model using a newly collected dataset. Given ...
Ching, A; Imai, S; Ishihara, M; Jain, N(Springer, 2012-01)
This paper provides a step-by-step guide to estimating infinite horizon discrete choice dynamic programming (DDP) models using a new Bayesian estimation algorithm (Imai et al., Econometrica 77:18651899, 2009a) (IJC). In ...
This paper proposes a new test of the Protection for Sale (PFS) model by Grossman and Helpman (1994). Unlike existing methods in the literature, our approach does not require any data on political organization. We use ...
Keane, M; Runkle, D(Federal Reserve Bank of Minneapolis, 1989-01)
his paper discusses at an undergraduate level how forecast rationality can be tested. It explains that forecasters should correctly use any relevant information they knew in making their predictions. It shows that forecast ...
This paper develops generalized method-of-moments tests for the rationality of earnings per share forecasts made by individual stock analysts. We fail to reject the hypothesis of rationality as long as we take into account ...
Given the large number of food choices that consumers make each day it seems likely that they will adopt decision strategies that minimize cognitive effort. We develop a conceptual and empirical model of habitual choice, ...
Bird, R; Mccrae, M; Beggs, J(Australian Economic Papers, 1987-01)
This paper examines the attitudes of gamblers to risk as displayed by their betting behaviour on horse races. Although traditional economic theory assumes that individuals are averse to risk, numerous authors (e.g. Ali ...
Background: Antineoplastic drugs for cancer are often associated with adverse events, which influence patients' physical health, quality of life and survival. However, the modelling of adverse events in cost-effectiveness ...
Few models of the Japanese wool textile industry have been constructed, despite the importance of the Japanese as the largest purchasers of Australian wool on a single-country basis. This paper constructs a twenty-five ...
A simple test for heteroscedastic disturbances in a linear regression model is developed using the framework of the Lagrangian multiplier test. For a wide range of heteroscedastic and random coefficient specifications, the ...
This paper develops a smooth mixture of Tobits (SMTobit) model for healthcare expenditure. The model is a generalization of the smoothly mixing regressions framework of Geweke and Keane (J Econometrics 2007; 138: 257-290) ...
The inter-generational correlation of education in the U.S. is tremendous. For instance, in PSID data from 1990, young males with college-educated parents had a 70% chance of attending college. But those with high school ...
THE PERSONAL RESPONSIBILITY and Work Opportunity Reconciliation Act (PRWORA), signed into law in 1996, transformed the U.S. welfare system. PRWORA replaced the Aid to Families with Dependent Children (AFDC) program with ...
We report results from a discrete choice experiment designed to assess the general publics preferences regarding rural landscape improvements. Using a random parameters logit model to account for unobserved taste heterogeneity, ...
This paper considers a discrete-time model of a financial market with one risky asset and one risk-free asset, where the asset price and wealth dynamics are determined by the interaction of two groups of agents, fundamentalists ...