Behavioral and Descriptive Forms of Choice Models
AbstractEmpirical work on choice models, especially work on relatively new topics or data sets, often starts with descriptive, or what is often colloquially referred to as "reduced form", results. Our descriptive form formalizes this process. It is derived from the underlying behavioral model, has an interpretation in terms of fit, and can sometimes be used to quantify biases in agents' expectations. We consider estimators for the descriptive form of discrete choice models with (and without) interacting agents that take account of approximation errors as well as unobservable sources of endogeneity. We conclude with an investigation of the descriptive form of two period entry models.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 20022.
Date of creation: Mar 2014
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- B4 - Schools of Economic Thought and Methodology - - Economic Methodology
- C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
- C57 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Econometrics of Games
This paper has been announced in the following NEP Reports:
- NEP-ALL-2014-04-11 (All new papers)
- NEP-DCM-2014-04-11 (Discrete Choice Models)
- NEP-ECM-2014-04-11 (Econometrics)
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