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UID:e9e4bbd591a768af6148fa80056d0adf
CATEGORIES:Seminars
CREATED:20170426T185503
SUMMARY:Jakob H. Abbring - Tilburg University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Identifying the Discount Factor in Dynamic Discrete Choice Models (with Øys
 tein Daljord)\nAbstract:\n Empirical applications of stationary dynamic dis
 crete choice models usually either take the discount factor to be known or 
 rely on high level exclusion restrictions that are difficult to interpret a
 nd hard to satisfy. We provide identification results under an intuitively 
 appealing exclusion restriction on primitive utilities that is more directl
 y useful to applied researchers. We show that such an exclusion restriction
 , even with corresponding variation in future expected payoffs, does not su
 ffice for point identification. It does however identify the discount facto
 r up to a discrete set, with only finitely many points outside a neighborho
 od of one. Moreover, this identified set is easy to characterize by solving
  a simple moment condition. We also show that our and existing exclusion re
 strictions limit the choice and state transition probability data in differ
 ent ways; that is, they give the model nontrivial and distinct empirical co
 ntent.\n
DTSTAMP:20260404T073952Z
DTSTART:20170323T173000Z
DTEND:20170323T190000Z
SEQUENCE:0
TRANSP:OPAQUE
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