The Joint Estimation of a Non-Linear Labour Supply Function and a Wage Equation Using Simulated Response Probabilities
When applying maximum likelihood estimation in jointly estimating a labour supply function and a wage equation, it may be practically impossible, both analytically and numerically, to calculate the required response probabilities, especially if the model is non-linear. As an alternative, we consider various simulation estimators. In both Monte Carlo experiments and empirical applications the methods are compared to each other and to ML. The methods are computationally feasible and perform well.
Volume (Year): (1993)
Issue (Month): 29 ()
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