A Monte Carlo Evaluation of Labor Supply Models
AbstractIn the area of labor supply and taxes advanced microeconometric methods have been developed in order to measure wage and income elasticities. Large variations in estimated elasticities have previously been reported in the literature. The purpose of the present study is to assess the sources for these discrepancies, and propose a robust estimator. According to our findings the commonly used maximum-likelihood estimator is sensitive to measurement errors in those variables that are needed in order to construct the individuals' budget sets. An iterative least squares estimator is preferred in small samples under several forms of specification and measurement errors.
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Bibliographic InfoArticle provided by Springer in its journal Empirical Economics.
Volume (Year): 22 (1997)
Issue (Month): 3 ()
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- Bessho, Shun-ichiro & Hayashi, Masayoshi, 2008.
"A Structural Estimation of the CES Preferences and Linear Labor Supply: The Case of Prime-Age Males in Japan,"
2008-02, Graduate School of Economics, Hitotsubashi University.
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- Michiel Evers & Ruud A. de Mooij & Daniel J. van Vuuren, 2006. "What explains the Variation in Estimates of Labour Supply Elasticities?," Tinbergen Institute Discussion Papers 06-017/3, Tinbergen Institute.
- Lennart Flood & Nizamul Islam, 2005. "A Monte Carlo evaluation of discrete choice labour supply models," Applied Economics Letters, Taylor & Francis Journals, vol. 12(5), pages 263-266.
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- Shun-ichiro Bessho & Masayoshi Hayashi, 2013. "ntensive Margins, Extensive Margins, and Spousal Allowances in the Japanes e System of Personal Income Taxes: A Discrete Choice Analysis," CIRJE F-Series CIRJE-F-912, CIRJE, Faculty of Economics, University of Tokyo.
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