The Exact Likelihood Function for an Empirical Job Search Model
The exact likelihood function for a prototypal job search model is analyzed. The optimality condition implied by the dynamic programming framework is fully imposed. Using the optimality condition allows identification of an offer arrival probability separately from an offer acceptance probability. The estimation problem is nonstandard. The geometry of the likelihood function in finite samples is considered, along with asymptotic properties of the maximum likelihood estimator.
Volume (Year): 7 (1991)
Issue (Month): 04 (December)
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