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Testing and Correcting for Distributional Misspecifications in the Tobit Model: An Application of the Information Matrix Test

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  • Reynolds, Anderson
  • Shonkwiler, J S

Abstract

Recognizing that misspecification in the form of heteroskedasticity and non-normality yields inconsistent parameter estimates of the Tobit model, the Information Matrix Misspecification test was used to detect violations of the distributional assumptions of the Tobit model applied to fresh winter vegetable consumption. The test suggested that the Tobit model was misspecified. However, following a correction for heteroskedasticity and the introduction of the inverse hyperbolic sine transformation to limit outliers, the resulting specification could not be rejected at conventional levels of significance.

Suggested Citation

  • Reynolds, Anderson & Shonkwiler, J S, 1991. "Testing and Correcting for Distributional Misspecifications in the Tobit Model: An Application of the Information Matrix Test," Empirical Economics, Springer, vol. 16(3), pages 313-323.
    • Handle: RePEc:spr:empeco:v:16:y:1991:i:3:p:313-23
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    Cited by:

    1. Nicolas DEBARSY & Jean-Yves GNABO & Malik KERKOUR, 2016. "Sovereign Wealth Funds’ cross-border investments: assessing the role of country-level drivers and spatial competition," LEO Working Papers / DR LEO 2173, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    2. Pan, Suwen & Jensen, Helen H., 2002. "Eating Out: An Important Source Of Food For The Poor And The Food Insecure," 2002 Annual meeting, July 28-31, Long Beach, CA 19805, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    3. Gao, Xiaoming & Wailes, Eric J. & Cramer, Gail L., 1995. "Double-Hurdle Model With Bivariate Normal Errors: An Application To U.S. Rice Demand," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 27(02), December.
    4. Liu, Hongbo & Parton, Kevin A. & Zhou, Zhangyue & Cox, Rod, 2. "Away-from-Home Meat Consumption in China," Asian Journal of Agriculture and Development, Southeast Asian Regional Center for Graduate Study and Research in Agriculture (SEARCA), vol. 8(2).
    5. Kuuluvainen, Jari & Karppinen, Heimo & Hänninen, Harri & Uusivuori, Jussi, 2014. "Effects of gender and length of land tenure on timber supply in Finland," Journal of Forest Economics, Elsevier, vol. 20(4), pages 363-379.
    6. Carol Newman & Maeve Henchion & Alan Matthews, 2003. "A double-hurdle model of Irish household expenditure on prepared meals," Applied Economics, Taylor & Francis Journals, vol. 35(9), pages 1053-1061.
    7. Kim, Youngjune & Chen, Bowen & Featherstone, Allen M. & Pendell, Dustin L., 2017. "Are Efficient Farms and Inefficient Farms Heterogeneous?," 2017 Annual Meeting, February 4-7, 2017, Mobile, Alabama 252830, Southern Agricultural Economics Association.
    8. James Carroll & Siobhan McCarthy & Carol Newman, 2005. "An Econometric Analysis of Charitable Donations in the Republic of Ireland," The Economic and Social Review, Economic and Social Studies, vol. 36(3), pages 229-249.

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