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.
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|Date of creation:||1990|
|Date of revision:|
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- Kiefer, Nicholas M & Neumann, George R, 1979.
"An Empirical Job-Search Model, with a Test of the Constant Reservation-Wage Hypothesis,"
Journal of Political Economy,
University of Chicago Press, vol. 87(1), pages 89-107, February.
- KIEFER, Nicholas M. & NEUMANN, George R., . "An empirical job-search model, with a test of the constant reservation-wage hypothesis," CORE Discussion Papers RP 358, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Pakes, Ariel S, 1986.
"Patents as Options: Some Estimates of the Value of Holding European Patent Stocks,"
Econometric Society, vol. 54(4), pages 755-84, July.
- Ariel Pakes, 1984. "Patents as Options: Some Estimates of the Value of Holding European Patent Stocks," NBER Working Papers 1340, National Bureau of Economic Research, Inc.
- Rust, John, 1987. "Optimal Replacement of GMC Bus Engines: An Empirical Model of Harold Zurcher," Econometrica, Econometric Society, vol. 55(5), pages 999-1033, September.
- Greene, William H., 1980. "Maximum likelihood estimation of econometric frontier functions," Journal of Econometrics, Elsevier, vol. 13(1), pages 27-56, May.
- Lancaster, Tony & Chesher, Andrew, 1983. "An Econometric Analysis of Reservation Wages," Econometrica, Econometric Society, vol. 51(6), pages 1661-76, November.
- Heckman, James J. & Singer, Burton, 1984. "Econometric duration analysis," Journal of Econometrics, Elsevier, vol. 24(1-2), pages 63-132.
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