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

Carlos Arias and Thomas L. Cox

No 12617, Staff Papers from University of Wisconsin-Madison, Department of Agricultural and Applied Economics

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 discuss the relevance of estimating multivariate versus the single Tobit equations.

Keywords: Livestock; Production/Industries (search for similar items in EconPapers)
Pages: 26
Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:ags:wisagr:12617

DOI: 10.22004/ag.econ.12617

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