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Testing and Correcting for Distributional Misspecifications in the Tobit Model: An Application of the Information Matrix Test

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  • Reynolds, Anderson
  • Shonkwiler, J S

Abstract

Recognizing that misspecification in the form of heteroskedasticity and non-normality yields inconsistent parameter estimates of the Tobit model, the Information Matrix Misspecification test was used to detect violations of the distributional assumptions of the Tobit model applied to fresh winter vegetable consumption. The test suggested that the Tobit model was misspecified. However, following a correction for heteroskedasticity and the introduction of the inverse hyperbolic sine transformation to limit outliers, the resulting specification could not be rejected at conventional levels of significance.

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Bibliographic Info

Article provided by Springer in its journal Empirical Economics.

Volume (Year): 16 (1991)
Issue (Month): 3 ()
Pages: 313-23

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Handle: RePEc:spr:empeco:v:16:y:1991:i:3:p:313-23

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Cited by:
  1. Gao, Xiaoming & Wailes, Eric J. & Cramer, Gail L., 1995. "Double-Hurdle Model With Bivariate Normal Errors: An Application To U.S. Rice Demand," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 27(02), December.
  2. Carol Newman & Maeve Henchion & Alan Matthews, 2001. "A Double-Hurdle Model of Irish Household Expenditure on Prepared Meals," Trinity Economics Papers 200119, Trinity College Dublin, Department of Economics.
  3. Pan, Suwen & Jensen, Helen H., 2002. "Eating Out: An Important Source Of Food For The Poor And The Food Insecure," 2002 Annual meeting, July 28-31, Long Beach, CA 19805, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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