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Provedor de dados:  AgEcon
País:  United States
Título:  OLS and Tobit Estimates: When is Substitution Defensible Operationally?
Autores:  Wilson, Clevo
Tisdell, Clement A.
Data:  2010-05-26
Ano:  2002
Palavras-chave:  Bounded rationality
Censored data
Ordinary Least Squares
Willingness to pay studies.
Public Economics
Resumo:  Field data are used to illustrate that, other things constant, regression results using Ordinary Least Squares (OLS) converge to Tobit estimates as the number of zeros in the regressand decrease. Tobit estimates are theoretically superior to OLS estimates when using censored data. However, if little difference exists between OLS and Tobit estimates, OLS may be operationally acceptable. OLS may even be optimal in a bounded rationality sense because the extra cost of using Tobit analysis may be less than the extra benefits from a very slight increase in accuracy.
Tipo:  Working or Discussion Paper
Idioma:  Inglês
Identificador:  ISSN: 1444-8890
Relação:  University of Queensland>School of Economics>Economic Theory, Applications and Issues Working Papers
Economic Theory, Applications and Issues Working Paper
Formato:  9

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