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31.
Peter Ebbes Michel Wedel Ulf Böckenholt Ton Steerneman 《Quantitative Marketing and Economics》2005,3(4):365-392
This paper has two main contributions. Firstly, we introduce a new approach, the latent instrumental variables (LIV) method,
to estimate regression coefficients consistently in a simple linear regression model where regressor-error correlations (endogeneity)
are likely to be present. The LIV method utilizes a discrete latent variable model that accounts for dependencies between
regressors and the error term. As a result, additional ‘valid’ observed instrumental variables are not required. Furthermore,
we propose a specification test based on Hausman (1978) to test for these regressor-error correlations. A simulation study
demonstrates that the LIV method yields consistent estimates and the proposed test-statistic has reasonable power over a wide
range of regressor-error correlations and several distributions of the instruments.
Secondly, the LIV method is used to re-visit the relationship between education and income based on previously published data.
Data from three studies are re-analyzed. We examine the effect of education on income, where the variable ‘education’ is potentially
endogenous due to omitted ‘ability’ or other causes. In all three applications, we find an upward bias in the OLS estimates
of approximately 7%. Our conclusions agree closely with recent results obtained in studies with twins that find an upward
bias in OLS of about 10% (Card, 1999). We also show that for each of the three datasets the classical IV estimates for the
return to education point to biases in OLS that are not consistent in terms of size and magnitude. Our conclusion is that
LIV estimates are preferable to the classical IV estimates in understanding the effects of education on income.
JEL Classification: C12, C13, C21, J3, M3 相似文献
32.
Index-futures arbitragers only enter into the market if the deviation from the arbitrage relation is sufficiently large to compensate for transaction costs and associated interest rate and dividend risks. We estimate the band around the theoretical futures price within which arbitrage is not profitable for most arbitragers, using a threshold autoregression model. Combining these thresholds with an error-correction model, we show that the impact of the mispricing error is increasing with the magnitude of that error and that the information effect of lagged futures returns on index returns is significantly larger when the mispricing error is negative. © 1998 John Wiley & Sons, Ltd. 相似文献
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Ton Hartlief 《Journal of Consumer Policy》2004,27(3):253-267
How should contemporary contract law be characterized? Freedom or protection? Ewoud Hondius has made a plea for increased protection of the weaker party in contract law. In this contribution some critical remarks are made. It is argued that freedom of contract should be put back on the agenda. This accords with the new belief in the blessings of the free market and the awareness that protection is not always effective and may sometimes even generate adverse effects. The application of competition law and the regulation of information should have a higher priority than mandatory substantive contract law. 相似文献
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In one-dimensional environments with single-peaked preferences we consider social welfare functions satisfying Arrow's requirements, i.e. weak Pareto and independence of irrelevant alternatives. When the policy space is a one-dimensional continuum such a welfare function is determined by a collection of 2N strictly quasi-concave preferences and a tie-breaking rule. As a corollary we obtain that when the number of voters is odd, simple majority voting is transitive if and only if each voter's preference is strictly quasi-concave. 相似文献
37.
Review of Economic Design - The Kemeny rule is one of the well studied decision rules. In this paper we show that the Kemeny rule is the only rule which is unbiased, monotone, strongly... 相似文献