Discrete dynamic choice: an extension of the choice models of Thurstone and Luce : en utvidelse av valgmodellene til Thurstone og Luce
In: Artikler fra Statistisk sentralbyrå 148
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In: Artikler fra Statistisk sentralbyrå 148
In: CESifo working paper series 4591
In: Labour markets
Dagsvik and Karlström (2005) have demonstrated how one can compute Compensating Variation and Compensated Choice Probabilities by means of analytic formulas in the context of discrete choice models. In this paper we offer a new and simplified derivation of the compensated probabilities. Subsequently, we discuss the application of this methodology to compute compensated labor supply responses (elasticities) in a particular discrete choice labor supply model. Whereas the Slutsky equation holds in the case of the standard microeconomic model with deterministic preferences, this is not so in the case of random utility models. When the non-labor income elasticity is negative the Slutsky equation implies that the compensated wage elasticity is higher than the uncompensated one. In contrast, in our random utility model we show empirically that in a majority of cases the uncompensated wage elasticity is in fact the highest one. We also show that when only the deterministic part of the utility function is employed to yield optimal hours and related elasticities, these elasticities are numerically much higher and decline more sharply across deciles than the random utility ones.
In: Mathematical social sciences, Band 91, S. 85-95
In: Mathematical social sciences, Band 55, Heft 3, S. 341-370
SSRN
In: NBER Working Paper No. w3726
SSRN
In: Journal of labor economics: JOLE, Band 3, Heft 4, S. 403-420
ISSN: 1537-5307
In: The journal of development studies, Band 56, Heft 12, S. 2293-2307
ISSN: 1743-9140
World Affairs Online
In: Søkelys på arbeidslivet, Band 36, Heft 3, S. 177-193
ISSN: 1504-7989
In: CESifo Working Paper No. 7493
SSRN
In: Pacific economic review, Band 19, Heft 2, S. 237-253
ISSN: 1468-0106
AbstractThis paper used an estimated mixed multinomial logit model of household housing demand to examine the impact of four housing market‐related policies on a stated preference survey sample. The estimated demand probability function suggested that household choice behaviour does show huge heterogeneity. The estimated results were then employed to examine the effects of the policies. We estimated the potential disequilibrium between demand and supply under the construction‐size‐limitation policy, demonstrated that the efficient movers' subsidy increases along with the household income, and simulated the changes in housing demand when tax policy is changed. We demonstrate the potential usefulness of our modelling framework in assisting policy‐making decisions. Our model also partially explains the failures and controversies of the latest real‐estate intervention policies in China.
In: CESifo Working Paper Series No. 4591
SSRN
In: Søkelys på arbeidslivet, Band 30, Heft 3, S. 189-201
ISSN: 1504-7989
In: Mathematical social sciences, Band 51, Heft 1, S. 23-57
In: Mathematical population studies: an international journal of mathematical demography, Band 9, Heft 2, S. 97-121
ISSN: 1547-724X