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Empirical Applications of Discrete Choice Dynamic Programming Models

Listed author(s):
  • Michael P. Keane

    (Arizona State University)

  • Kenneth I. Wolpin

    (University of Pennsylvania)

The development over the past 25 years of methods for the estimation of discrete choice dynamic programming (DCDP) models opened up new frontiers for empirical research in a host of areas, including labor economics, industrial organization, economic demography, health economics, development economics, political economy and marketing. In this paper, we first describe the development of the DCDP framework, showing how it was a natural extension of static discrete choice modeling. We then summarize six papers that adopt the DCDP paradigm that address substantively important social and economic questions. Finally, we consider the issue of the credibility of empirical findings based on the structural estimation of DCDP models. (Copyright: Elsevier)

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File URL: http://dx.doi.org/10.1016/j.red.2008.07.001
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Article provided by Elsevier for the Society for Economic Dynamics in its journal Review of Economic Dynamics.

Volume (Year): 12 (2009)
Issue (Month): 1 (January)
Pages: 1-22

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Handle: RePEc:red:issued:08-8
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  2. Paserman, M. Daniele, 2004. "Job Search and Hyperbolic Discounting: Structural Estimation and Policy Evaluation," CEPR Discussion Papers 4396, C.E.P.R. Discussion Papers.
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  4. Donghoon Lee & Kenneth I. Wolpin, 2004. "Intersectoral Labor Mobility and the Growth of the Service Sector," PIER Working Paper Archive 04-036, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
  5. Hanming Fang & Dan Silverman, 2007. "Time-Inconsistency and Welfare Program Participation: Evidence from the NLSY," NBER Working Papers 13375, National Bureau of Economic Research, Inc.
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  9. Michael P. Keane & Antonio Merlo, 2010. "Money, Political Ambition, and the Career Decisions of Politicians," American Economic Journal: Microeconomics, American Economic Association, vol. 2(3), pages 186-215, August.
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  15. M. Keane & R. Moffitt, "undated". "A structural model of multiple welfare program participation and labor supply," Institute for Research on Poverty Discussion Papers 1080-96, University of Wisconsin Institute for Research on Poverty.
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  26. Michael P. Keane & Kenneth Wolpin, "undated". "Eliminating Race Differences in School Attainment and Labor Market Success," CARESS Working Papres 97-5, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences.
  27. Miller, Robert A, 1984. "Job Matching and Occupational Choice," Journal of Political Economy, University of Chicago Press, vol. 92(6), pages 1086-1120, December.
  28. Kenneth I. Wolpin & Petra E. Todd, 2006. "Assessing the Impact of a School Subsidy Program in Mexico: Using a Social Experiment to Validate a Dynamic Behavioral Model of Child Schooling and Fertility," American Economic Review, American Economic Association, vol. 96(5), pages 1384-1417, December.
  29. Keane, Michael P & Wolpin, Kenneth I, 2001. "The Effect of Parental Transfers and Borrowing Constraints on Educational Attainment," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 42(4), pages 1051-1103, November.
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