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Growth Expectations and Decision to Renovate a Golf Course: An Application of a Censored Model with the Simultaneity Test

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  • Bilgic, Abdulbaki
  • Florkowski, Wojciech J.
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    Abstract

    Golf course renovation and expected business growth were examined. Endogeneity test on the renovation decision and a censored expected growth model rejected the hypothesis of simultaneity and decisions were modeled separately. Key determinants for both decisions were golf facility features, but not respondents'’ characteristics.

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    File URL: http://purl.umn.edu/21446
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    Bibliographic Info

    Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2006 Annual meeting, July 23-26, Long Beach, CA with number 21446.

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    Date of creation: 2006
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    Handle: RePEc:ags:aaea06:21446

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    Keywords: Research Methods/ Statistical Methods;

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    1. Vella, F. & Verbeek, M.J.C.M., 1994. "Two-step estimation of simultaneous equation panel data models with censored endogenous variables," Discussion Paper 1994-55, Tilburg University, Center for Economic Research.
    2. Rivers, Douglas & Vuong, Quang H., 1988. "Limited information estimators and exogeneity tests for simultaneous probit models," Journal of Econometrics, Elsevier, vol. 39(3), pages 347-366, November.
    3. Vella, Francis, 1994. "Gender Roles and Human Capital Investment: The Relationship between Traditional Attitudes and Female Labour Market Performance," Economica, London School of Economics and Political Science, vol. 61(242), pages 191-211, May.
    4. Mata, Jose, 1996. "Markets, entrepreneurs and the size of new firms," Economics Letters, Elsevier, vol. 52(1), pages 89-94, July.
    5. Pagan, Adrian & Vella, Frank, 1989. "Diagnostic Tests for Models Based on Individual Data: A Survey," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 4(S), pages S29-59, Supplemen.
    6. Smith, Richard J & Blundell, Richard W, 1986. "An Exogeneity Test for a Simultaneous Equation Tobit Model with an Application to Labor Supply," Econometrica, Econometric Society, vol. 54(3), pages 679-85, May.
    7. Cesar L. Escalante & Wojciech J. Florkowski & Gil W. Landry & Pierre I. Boumtje, 2004. "Alternative Demand for University Outreach Services from Georgia's Golf Industry," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 26(1), pages 118-131.
    8. Tauchen, George, 1985. "Diagnostic testing and evaluation of maximum likelihood models," Journal of Econometrics, Elsevier, vol. 30(1-2), pages 415-443.
    9. Liu, Jin-Tan & Tsou, Meng-Wen & Hammitt, James K., 1999. "Do small plants grow faster? Evidence from the Taiwan electronics industry," Economics Letters, Elsevier, vol. 65(1), pages 121-129, October.
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