Price-Tenure Regressions with Censored Data

Robert C Marshall and Gary A Zarkin

Oxford Bulletin of Economics and Statistics, 1987, vol. 49, issue 3, 335-41

Abstract: Price data contained in either cross-sectional or panel-data surveys is inherently censored due to the data-collection methodology of these surveys. As a result, an OLS price-tenure regression will yiel d inconsistent estimates of those parameters which theoretical models imply are of interest. The authors demonstrate that censoring is not only present in many data sets but that censoring-corrected estimate s of these critical parameters are dramatically different from those where censoring is assumed not to exist ex ante. Copyright 1987 by Blackwell Publishing Ltd

Date: 1987
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