Stochastic properties and functional forms in life cycle : models for transitions into and out of employment
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Date
1987Metadata
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- Discussion Papers [1000]
Abstract
The paper discusses a justification for a particular econometric
framework for analysing transitions into and out of employment in an
intertemporal context with uncertainty. The analysis extends the
models found in the literature by introducing a discrete choice
variable that is unobservable to the econometrician. Econometric models for labor supply in an intertemporal
setting have been considered by a number of authors. See for instance
MaCurdy (1982), (1983), Killingsworth (1984) and the references therein.
Most of these studies, however, do not discuss the properties of
the latent variables that enter the model. That is, the choice of probability
distributions for the unobservables is made ad hoc and, apart
from statistical diagnostic checks rarely any theoretical arguments to
support these choices are provided.
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