Estimation of a US dairy sector model by maximum simulated likelihood
AbstractThis paper estimates a multivariate Tobit system of monthly wholesale dairy prices where four prices are lower censored by the dairy price support programme. Using Maximum Simulated Likelihood (MSL) the effects of simulation noise are tested/corrected for and the relevance of estimating multivariate versus the single Tobit equations discussed.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Applied Economics.
Volume (Year): 33 (2001)
Issue (Month): 9 ()
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- Qian, Hang, 2009. "Estimating SUR Tobit Model while errors are gaussian scale mixtures: with an application to high frequency financial data," MPRA Paper 31509, University Library of Munich, Germany.
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