By A. Colin Cameron, Pravin K. Trivedi
This e-book offers the main finished remedy to this point of microeconometrics, the research of individual-level info at the fiscal habit of people or organizations utilizing regression tools for move part and panel information. The e-book is orientated to the practitioner. A easy realizing of the linear regression version with matrix algebra is thought. The textual content can be utilized for a microeconometrics path, ordinarily a second-year economics PhD direction; for data-oriented utilized microeconometrics box classes; and as a reference paintings for graduate scholars and utilized researchers who desire to fill in gaps of their toolkit. Distinguishing beneficial properties of the booklet comprise emphasis on nonlinear versions and strong inference, simulation-based estimation, and difficulties of advanced survey info. The ebook makes widespread use of numerical examples in response to generated information to demonstrate the most important types and strategies. extra considerably, it systematically integrates into the textual content empirical illustrations according to seven huge and enormously wealthy info sets.
Reviews:
"This publication provides a sublime and available therapy of the large variety of swiftly increasing themes presently being studied through microeconometricians. considerate, intuitive, and cautious in laying out imperative techniques of refined econometric methodologies, it's not purely an outstanding textbook for college students, but in addition a useful reference textual content for practitioners and researchers." -Cheng Hsiao, college of Southern California
"Cameron and Trivedi have written a remarkably thorough and up to date remedy of microeconometric tools. this isn't a superficial cookbook; the early chapters rigorously lay the theoretical foundations on which the authors construct their dialogue of tools for discrete and restricted based variables and for research of longitudinal information. a particular characteristic of the ebook is its cognizance to state-of-the-art subject matters like semiparametric regression, bootstrap tools, simulation-based estimation, and empirical probability estimation. A hugely invaluable book." -Gary Solon, college of Michigan
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Example text
In contrast, differences in individual motivation, ability, intelligence, and so forth are either not observed or, at best, imperfectly observed. The simplest response is to ignore such heterogeneity, that is, to absorb it into the regression disturbance. After all this is how one treats the myriad small unobserved factors. This step of course increases the unexplained part of the variation. More seriously, ignoring persistent interindividual differences leads to confounding with other factors that are also sources of persistent interindividual differences.
Such a claim must be assessed on a case-by-case basis. Finally, a realistic portrayal of economic activity should accommodate a broad range of outcomes and responses that are a consequence of individual heterogeneity and that are predicted by underlying theory. In this sense microeconomic data sets can support more realistic models. Microeconometric data are often derived from household or firm surveys, typically encompassing a wide range of behavior, with many of the behavioral outcomes taking the form of discrete or categorical responses.
In many cases one is interested in the behavioral responses of a specific group of economic agents under some specified economic environment. One example is the impact of unemployment insurance on the job search behavior of young unemployed persons. Another example is the labor supply responses of low-income individuals receiving income support. Unless microdata are used such issues cannot be addressed directly in empirical work. 4. Microeconomic Foundations Econometric models vary in the explicit role given to economic theory.