class11-642-08

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
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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
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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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