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# class11-642-08 - Econ 642 Monday May 5 class 11 Econ 642...

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Econ 642, Monday May 5, class 11 Econ 642, Monday May 5, class 11 Robert de Jong 1 1 Department of Economics Ohio State University Robert de Jong Econ 642, Monday May 5, class 11

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Econ 642, Monday May 5, class 11 Chapter 17 Outline 1 Econ 642, Monday May 5, class 11 Chapter 17 Robert de Jong Econ 642, Monday May 5, class 11
Econ 642, Monday May 5, class 11 Chapter 17 Hand out 3rd homework and discussion Robert de Jong Econ 642, Monday May 5, class 11

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Econ 642, Monday May 5, class 11 Chapter 17 Paragraph 17.2: the Tobit model y * = β 0 + β 1 x + u u | x is Normal ( 0 , σ 2 ) y = max ( y * , 0 ) y * only observed if it is positive: expenditures on cars, married women’s labor supply, etc. Robert de Jong Econ 642, Monday May 5, class 11
Econ 642, Monday May 5, class 11 Chapter 17 Estimation: also by Maximum Likelihood Computer maximizes a highly nonlinear function Again, t -values an be interpreted as before, but size of the coefficients is hard to interpret Robert de Jong Econ 642, Monday May 5, class 11

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class11-642-08 - Econ 642 Monday May 5 class 11 Econ 642...

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