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以实际支出为基础的消费者需求系统半参数估计AI 解读

Abstract Microdata concerning consumer demand typically show considerable variation in real expenditures, but very little variation in prices. We propose a semiparametric strategy for the consumer demand problem in which expenditure share equations are estimated nonparametrically in the real expenditure direction and estimated parametrically (with fixed or varying coefficients) in price directions. In our model, Engel curves are unrestricted: demands may have any rank.…

联立方程系统的半参数三步估计方法AI 解读

Abstract This paper proposes a new method for estimating a structural model of labour supply in which hours of work depend on (log) wages and the wage rate is considered endogenous. The main innovation with respect to other related estimation procedures is that a nonparametric additive structure in the hours of work equation is permitted. Though the focus of the paper is on this particular application, a three‐step methodology for estimating models in the presence of the…