ESTIMATION OF A U.S. DAIRY SECTOR MODEL BY MAXIMUM SIMULATED LIKELIHOOD

Carlos Arias () and Thomas L. Cox

No 20804, 1998 Annual meeting, August 2-5, Salt Lake City, UT from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: This paper estimates a multivariate tobit system of monthly wholesale dairy prices where 4 prices are lower censored by the dairy price support program. Using Maximum Simulated Likelihood (MSL) we test/correct for the effects of simulation noise and present two tests for estimating multivariate versus the singel tobit equations.

Keywords: Demand and Price Analysis; Research Methods/ Statistical Methods (search for similar items in EconPapers)
Pages: 15
Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea98:20804

DOI: 10.22004/ag.econ.20804

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