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A test of the extreme value type I assumption in the bus engine replacement model
Brad Larsen Florian Oswald,
Gregor Reich and
, 2012, vol. 116, issue 2, pages 213-216
Economics Letters Abstract:
This note tests the assumption of dynamic discrete choice models that underlying utility shocks have an extreme value type I distribution. We find that extreme value type I shocks cannot be rejected in most specifications of the Rust (1987) bus engine replacement model.
Keywords: Dynamic discrete choice; Extreme value type I; Numerical quadrature; Flexible distributions (search for similar items in EconPapers)
JEL-codes: C25 C61 (search for similar items in EconPapers)
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Persistent link: http://EconPapers.repec.org/RePEc:eee:ecolet:v:116:y:2012:i:2:p:213-216
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