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The estimation of utility-consistent labor supply models by means of simulated scores

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Author Info
Hans G. Bloemen (Department of Economics, Free University Amsterdam, Amsterdam, The Netherlands)
Arie Kapteyn (Rand Corporation, Santa Monica (California), USA)

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Abstract

We consider a utility-consistent static labor supply model with flexible preferences and a nonlinear and possibly non-convex budget set. Stochastic error terms are introduced to represent optimization and reporting errors, stochastic preferences, and heterogeneity in wages. Coherency conditions on the parameters and the support of error distributions are imposed for all observations. The complexity of the model makes it impossible to write down the probability of participation. Hence we use simulation techniques in the estimation. We compare our approach with various simpler alternatives proposed in the literature. Both in Monte Carlo experiments and for real data the various estimation methods yield very different results. Copyright © 2008 John Wiley & Sons, Ltd.

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File URL: http://hdl.handle.net/10.1002/jae.1010
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File URL: http://qed.econ.queensu.ca:80/jae/2008-v23.4/
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Publisher Info
Article provided by John Wiley & Sons, Ltd. in its journal Journal of Applied Econometrics.

Volume (Year): 23 (2008)
Issue (Month): 4 ()
Pages: 395-422
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Handle: RePEc:jae:japmet:v:23:y:2008:i:4:p:395-422

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  1. John K. Dagsvik and Zhiyang Jia, 2008. "An Alternative Approach to Labor Supply Modeling. Emphasizing Job-type as Choice Variable," Discussion Papers 550, Research Department of Statistics Norway. [Downloadable!]
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This page was last updated on 2008-9-25.

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