A test of the extreme value type I assumption in the bus engine replacement model
Brad Larsen (),
Gregor Reich and
Economics Letters, 2012, vol. 116, issue 2, 213-216
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)
References: View references in EconPapers View complete reference list from CitEc
Citations Track citations by RSS feed
Downloads: (external link)
Full text for ScienceDirect subscribers only
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:116:y:2012:i:2:p:213-216
Access Statistics for this article
Economics Letters is currently edited by Economics Letters Editorial Office
More articles in Economics Letters from Elsevier
Series data maintained by Dana Niculescu ().