Similar Search Results

Bayesian Estimation of Dynamic Discrete Choice Models

Imai, Susumu; Jain, Neelam; Ching, Andrew - 2006

We propose a new methodology for structural estimation of dynamic discrete choice models. We combine the Dynamic Programming (DP) solution algorithm with the Bayesian Markov Chain Monte Carlo algorithm into a single algorithm that solves the DP problem and estimates the parameters...

Persistent link: https://www.econbiz.de/10011940732

Uncertainty About the Persistence of Inflation

Pinkwart, Nicolas - 2010

This paper offers several contributions to actual research and discussion on monetary policy. It clarifies the relationship between uncertainty of inflation persistence and optimal monetary policy and discusses the consequences of the recent Blanchard proposal to implement a higher inflation...

Persistent link: https://www.econbiz.de/10010294706

Earnings Dispersion, Risk Aversion and Education

Belzil, Christian; Hansen, Jörgen - 2002

We estimate a dynamic programming model of schooling decisions in which the degree of risk aversion can be inferred … homogeneous with respect to the degree of risk aversion. We allow endogenous schooling attainments to affect the level of risk … experienced in labor market earnings through wage dispersion and employment rate dispersion. We find a low degree of relative risk …

Persistent link: https://www.econbiz.de/10010262728

Unobserved Ability and the Return to Schooling

Belzil, Christian; Hansen, Jörgen - 2002

We estimate a structural dynamic programming model of schooling decisions with unobserved heterogeneity in school ability and market ability on a sample taken from the National Longitudinal Survey of Youth (NLSY). Both the instantaneous utility of attending school and the wage regression...

Persistent link: https://www.econbiz.de/10010262733

Estimating complementarity between education and training

Belzil, Christian; Hansen, Jörgen; Kristensen, Nicolai - 2008

In this paper, we formulate and estimate a structural model of post-schooling training that explicitly allows for possible complementarity between initial schooling levels and returns to training. Precisely, the wage outcome equation depends on accumulated schooling and on the incidence of...

Persistent link: https://www.econbiz.de/10010269188

The distinction between dictatorial and incentive policy interventions and its implication for IV estimation

Belzil, Christian; Hansen, Jörgen - 2010

We investigate if, and under which conditions, the distinction between dictatorial and incentive-based policy interventions affects the capacity of Instrument Variable (IV) methods to estimate the relevant treatment effect parameter of an outcome equation. The analysis is set in a non-trivial...

Persistent link: https://www.econbiz.de/10010269878

Foundations of continuous-time recrusive utility: Differentiability and normalization of certainty equivalents

Kraft, Holger; Seifried, Frank Thomas - 2009

This paper relates recursive utility in continuous time to its discrete-time origins and provides a rigorous and intuitive alternative to a heuristic approach presented in [Duffie, Epstein 1992], who formally define recursive utility in continuous time via backward stochastic differential...

Persistent link: https://www.econbiz.de/10010271454

On the Solution of Markov-switching Rational Expectations Models

Carravetta, Francesco; Sorge, Marco M. - 2011

observable states of the system, to be determined optimally via stochastic control and filtering theory. Solution existence is …

Persistent link: https://www.econbiz.de/10010293377

Solving a Production and Inventory Model with a Minimum Lot Size Constrain

Richter, Knut; Okhrin, Irena - 2007

The paper deals with the analysis of a special dynamic production and inventory model. In this model logical restrictions to fulfill an accepted constant minimal level of the production lot size are incorporated, instead of keeping setup cost in the objective function, as it is common in many...

Persistent link: https://www.econbiz.de/10010297260

The linear dynamic lot size problem with minimum order quantities

Okhrin, Irena; Richter, Knut - 2010

This paper continues the analysis of a special uncapacitated single item lot sizing problem where a minimum order quantity restriction, instead of the setup cost, guarantees a certain level of production lots. A detailed analysis of the model and an investigation of the particularities of the...

Persistent link: https://www.econbiz.de/10010302558