[This article first illuminates possible discrepancies between normal and logistic models in the bivariate dichotomous case of qualitative response analyses. Then a Cox-type test statistic for separate families of hypotheses is proposed for the purpose of comparing the two models. An asymptotic distribution of the new test statistic is derived, and also the consistency of the test is shown. Before applying the Cox-type tests to actual data, Berkson's minimum chi-square estimators of the two models are explained in Section 3. In Section 4, logistic, normal, and linear models are worked out for a set of economic data, and the Cox-type tests are applied to compare them.]
[This paper proposes an econometric methodology for estimating the conditional probability of an individual leaving unemployment in any particular week of his spell out of work. We use this method with cross-section data on uncompleted unemployment spells to investigate a number of questions concerning unemploymentduration. In particular we look at the impact of unemployment benefits and how this changes over the course of an unemployment spell. We also consider how our results are affected by unobserved sample heterogeneity and present estimates which, to some extent, take account of this problem.]
[In a well known paper, Plott has given a sufficient and a necessary condition onthe set of gradients of individual preferences at a point in a multidimensional space, for the point to be an equilibrium under simple majority voting. This paper defines a class of α-majority voting rules under which, given some α, 0 extless α extless 1, an alternative x is socially at least as good as y iff the number of individuals who prefer x to y is at least α/(1 - α) times the number who prefer y to x. Simple majority rule is α = 1/2 while setting α near 0 and 1 gives two types of unanimity rule. For all elements in this class, this paper generalizes Plott by giving necessary and sufficient conditions on the set of gradients for a point in a multidimensional space to be a voting equilibrium.]
equation, yet estimates of the income elasticity of housing demand derived from micro data are systematically lower than estimates obtained from grouped (metropolitan-wide) data. The explanation proposed was based on the effects of common specification errors related to the housing price term. It was demonstrated theoretically that, given certain assumptions, the omission of the price term biases the ungrouped income elasticity estimate downward (whether stratified by metropolitan area or not) and the grouped estimate upward. It was also shown that the inclusion of a metropolitan-wide housing price index in the micro equation worsens the downward bias of the income elasticity estimate (and biases the corresponding price elasticity estimate toward zero). At the time the paper was written, the only empirical evidence directly relevant to this price misspecification hypothesis was contained in a study by Maisel, Burnham, and Austin [1]. It was shown that their income elasticity estimates were entirely consistent with the proposed explanation. Although their price elasticity results were not consistent, it was suggested that this could easily be attributed to sampling error. The purpose of this note is to discuss the relevance of some new empirical estimates of housing demand for the price misspecification hypothesis. These results are part of a broader study of housing demand undertaken by the author with D. T. Ellwood [3]. Since that study discusses the data and the specification of the equations in detail, the focus here is on those aspects of the data and results which are especially relevant to the price misspecification explanation.
[The partial adjustment model has been used in many areas of applied economics as a description of optimal behavior in the face of adjustment costs. The model requires a specification of how expectations are formed; for example static or adaptive expectations are frequently specified. This paper analyzes the implications of a rational expectations specification. In applications, a series which measures expectations is usually not available, and various proxies have been suggested. If expectations are rational, one can use the actual value of a variable as an estimate of what agents had expected. This device can be used to obtain consistent estimates of the parameters of the partial adjustment model.]
[The efficiency gain from observing the sample classification in a disequilibrium or switching model is analyzed. The problem is set up as one of comparing the precisions of estimates based on a joint density with those based on a marginal density. Asymptotic results are obtained for a simple model.]
Technical change in general milk processing is estimated within a homothetic frontier production function allowing neutrally variable scale elasticity. The results show that technical progress is characterized by a rapid increase in optimal scale and a small capital saving bias, increasing the marginal productivity of labour relative to capital. To characterize technical change, Salter's measures of bias and technical advance are utilized and interpreted within the framework of the efficiency cancepts of Farrell.(This abstract was borrowed from another version of this item.)