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| Author: | Ericson, P. Flood, L. |
| Title: | A Monte Carlo evaluation of labor supply models |
| Journal: | Empirical Economics
1997 : VOL. 22:3, p. 431-460 |
| Index terms: | LABOUR SUPPLY MONTE CARLO TECHNIQUE MODELS EVALUATION |
| Language: | eng |
| Abstract: | In order to measure wage and income elasticities advanced microeconometric methods have been developed in the area of labor supply and taxes. Large variations in estimated elasticities have previously been reported in the literature. This study assesses the sources of these discrepancies and proposes a robust estimator. The findings suggest that the commonly used maximum-likelihood estimator is sensitive to measurement errors in those variables that are needed in order to construct the individuals' budget sets. An iterative least squares estimator is preferred in small samples under several forms of specification and measurement errors. |
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