A test of the extreme value type I assumption in the bus engine replacement model

This note tests the assumption of dynamic discrete choice models that underlying utility shocks have an extreme value type I distribution. We find that extreme value type I shocks cannot be rejected in most specifications of the Rust (1987) bus engine replacement model.

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Year of publication:	2012
Authors:	Larsen, Bradley J. ; Oswald, Florian ; Reich, Gregor ; Wunderli, Dan
Published in:	Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 116.2012, 2, p. 213-216
Publisher:	Elsevier
Subject:	Dynamic discrete choice \| Extreme value type I \| Numerical quadrature \| Flexible distributions

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Type of publication:	Article
Classification:	C25 - Discrete Regression and Qualitative Choice Models ; C61 - Optimization Techniques; Programming Models; Dynamic Analysis
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010597205