1,721,125 research outputs found
Hormone beef, chlorinated chicken and international trade
No full textWe study international trade in innovative goods subject to uncertain consumer health effects. Such goods are often at the center of international trade disputes. We show that an interesting form of protectionism may arise because ofscientifc uncertainty. A free-riding effect is identi1ed,
implying more conservative behavior by countries. We also study the role of producers (lobbies) in providing valuable information, finding that the innovative lobby has an advantage in providing information as compared with the lobby producing the ‘traditional’ good. Moreover, lobbies
disclose more information when the health effects are long lasting
Organismi geneticamente modificati ed incertezza scientifica: una prospettiva internazionale
No full textA Method of Simulated Scores for Estimating Multinormal Regression Models with Missing Values
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Discontinuities in indirect estimation: An application to EAR models
No full textAmong the simulation-based methods, indirect estimation techniques like Indirect Inference (INDINF) and Efficient Method of Moments (EMM) provide a simple solution to many computational problems associated with intractable Likelihood functions. Optimisation of the objective function can be critical in presence of not continuous response variables like, for instance, binary choice or discrete choice models, limited dependent variables, switching regime models. In particular, gradient-based optimisation algorithms can face difficulties when the not continuous response involves discontinuities in the objective function. A simple computational tool is suggested to "empirically" solve the problem. The case study is EMM applied to the autoregressive model with exponential marginal distribution (EAR). The proposed solution is also compared with the performance of the Conditional Least Squares estimation, suitable for this autoregressive model, by a set of Monte Carlo experiments. © 2005 Elsevier B.V. All rights reserved
Indirect inference and variance reduction using control variates
No full textSimulation based estimators are successfully employed for estimating models whose likelihood functions do not have manageable closed-form expressions. The price to be paid is an increased variance of the estimated parameters. To reduce this undesirable effect, one should properly increase the number of simulations (or the length of each simulation) and thus the computational cost. Alternatively, this paper shows how variance reduction can be achieved, at virtually no additional computational cost, by use of control variates
Control Variates for Variance Reduction in Indirect Inference: Interest Rates Models in Continuous Time
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