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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 Dan Wunderli

Economics Letters, 2012, vol. 116, issue 2, pages 213-216

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)
Date: 2012
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