Semiparametric information bound of dynamic discrete choice models
We develop a simulation based approach that can determine whether the semiparametric efficiency bound of a dynamic discrete choice model with fixed effects is zero or not. We illustrate the usefulness of our approach by considering a simplified version of Keane and Wolpin's (1997) model, where we show that the semiparametric information is zero.
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- Keane, Michael P & Wolpin, Kenneth I, 1997.
"The Career Decisions of Young Men,"
Journal of Political Economy,
University of Chicago Press, vol. 105(3), pages 473-522, June.
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