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A Monte Carlo Analysis of Alternative Estimators in Models Involving Selectivity

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  • Hartman, Raymond S
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    Abstract

    In a simultaneous-equation model involving selectivity, Monte Carlo and response-surface techniques are used to assess the performance of five estimators commonly applied to a behavioral equation conditioned on an endogenous binary selectivity decision. The estimators include least squares with an exogenous dummy variable for the selectivity decision, three two-stage estimators that employ the estimated probability of the selectivity decision, and full information maximum likelihood (FIML). Although formally inconsistent, least squares with dummy variables is found to perform nearly as well as FIML, based on mean squared error measures. All two-stage estimators are found to be seriously deficient in terms of robustness.

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    Bibliographic Info

    Article provided by American Statistical Association in its journal Journal of Business and Economic Statistics.

    Volume (Year): 9 (1991)
    Issue (Month): 1 (January)
    Pages: 41-49

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    Handle: RePEc:bes:jnlbes:v:9:y:1991:i:1:p:41-49

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    Cited by:
    1. Franklin, Cortney A. & Fearn, Noelle E., 2008. "Gender, race, and formal court decision-making outcomes: Chivalry/paternalism, conflict theory or gender conflict?," Journal of Criminal Justice, Elsevier, vol. 36(3), pages 279-290, July.
    2. McMillen, Daniel P. & McDonald, John F., 1998. "Suburban Subcenters and Employment Density in Metropolitan Chicago," Journal of Urban Economics, Elsevier, vol. 43(2), pages 157-180, March.
    3. Salvatore Di Falco & Marcella Veronesi, 2014. "Managing Environmental Risk in Presence of Climate Change: The Role of Adaptation in the Nile Basin of Ethiopia," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 57(4), pages 553-577, April.
    4. Muto, Sachio, 2006. "Estimation of the bid rent function with the usage decision model," Journal of Urban Economics, Elsevier, vol. 60(1), pages 33-49, July.
    5. McMillen, Daniel P., 1997. "Multiple Regime Bid-Rent Function Estimation," Journal of Urban Economics, Elsevier, vol. 41(2), pages 301-319, March.
    6. Asfaw, Solomon & Shiferaw, Bekele A., 2010. "Agricultural Technology Adoption and Rural Poverty: Application of an Endogenous Switching Regression for Selected East African Countries," 2010 AAAE Third Conference/AEASA 48th Conference, September 19-23, 2010, Cape Town, South Africa 97049, African Association of Agricultural Economists (AAAE);Agricultural Economics Association of South Africa (AEASA).
    7. Salvatore Di Falco & Marcella Veronesi & Mahmud Yesuf, 2010. "Does adaptation to climate change provide food security? A micro-perspective from Ethiopia," Grantham Research Institute on Climate Change and the Environment Working Papers 19, Grantham Research Institute on Climate Change and the Environment.

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