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Estimation of Dynamic Discrete Choice Models by Maximum Likelihood and the Simulated Method of Moments / Phillipp Eisenhauer, James J. Heckman, Stefano Mosso.
- Format:
- Book
- Author/Creator:
- Eisenhauer, Phillipp.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w20622.
- NBER working paper series no. w20622
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2014.
- Summary:
- We compare the performance of maximum likelihood (ML) and simulated method of moments (SMM) estimation for dynamic discrete choice models. We construct and estimate a simplified dynamic structural model of education that captures some basic features of educational choices in the United States in the 1980s and early 1990s. We use estimates from our model to simulate a synthetic dataset and assess the ability of ML and SMM to recover the model parameters on this sample. We investigate the performance of alternative tuning parameters for SMM.
- Notes:
- Print version record
- October 2014.
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