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THE ESTIMATION OF UTILITY-CONSISTENT LABOR SUPPLY MODELS BY MEANS OF SIMULATED SCORES

机译:用模拟评分法估计效用一致的劳动力供给模型

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摘要

We consider a utility-consistent static labor supply model with flexible preferences and a nonlinear and possibly non-convex budget set. Stochastic error terms are introduced to represent optimization and reporting errors, stochastic preferences, and heterogeneity in wages. Coherency conditions on the parameters and the support of error distributions are imposed for all observations. The complexity of the model makes it impossible to write down the probability of participation. Hence we use simulation techniques in the estimation. We compare our approach with various simpler alternatives proposed in the literature. Both in Monte Carlo experiments and for real data the various estimation methods yield very different results.
机译:我们考虑一种效用一致的静态劳动力供给模型,该模型具有灵活的偏好以及非线性且可能非凸的预算集。引入随机误差项来表示优化和报告误差,随机偏好和工资的异质性。参数的一致性条件和误差分布的支持适用于所有观察。该模型的复杂性使其无法写下参与的可能性。因此,我们在估计中使用仿真技术。我们将我们的方法与文献中提出的各种更简单的替代方法进行比较。无论是在蒙特卡洛实验还是在实际数据中,各种估算方法都得出非常不同的结果。

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