The Computation of Opportunity Costs in Polytomous Choice Models with Selectivity
dc.contributor.author | Lee, Lung-fei | en_US |
dc.date.accessioned | 2013-11-14T23:21:33Z | |
dc.date.available | 2013-11-14T23:21:33Z | |
dc.date.issued | 1993-01 | en_US |
dc.identifier.other | MichU DeptE CenREST W93-04 | en_US |
dc.identifier.other | C250 | en_US |
dc.identifier.other | C350 | en_US |
dc.identifier.uri | https://hdl.handle.net/2027.42/100845 | |
dc.description.abstract | This article provides general formulas for the computation of opportunity costs (or forgone earnings) of unchosen alternatives in sample selection models with binary or polytomous choices. With observed choice probabilities and outcomes of chosen alternatives, the opportunity costs of unchosen alternatives can be evaluated. The derived formulas for the general model involve only single integrals. For the probability indexed sample selection models with conditional logit choice probabilities, which include the polytomous choice model of Lee [1983], the formulas have simple closed form expressions. These formulas are useful for empirical studies. | en_US |
dc.description.sponsorship | Center for Research on Economic and Social Theory, Department of Economics, University of Michigan | en_US |
dc.relation.ispartofseries | Working Paper | en_US |
dc.subject | Discrete Choice Model | en_US |
dc.subject | Sample Selection | en_US |
dc.subject | Polytomous Choices | en_US |
dc.subject | Selection Bias | en_US |
dc.subject | Conditional Logit Model | en_US |
dc.subject | Conditional Expectation | en_US |
dc.subject | Opportunity Cost | en_US |
dc.subject | Forgone Earning | en_US |
dc.subject.other | Single Equation Models | en_US |
dc.subject.other | Single Variables: Discrete Regression and Qualitative Choice Models | en_US |
dc.subject.other | Discrete Regressors | en_US |
dc.subject.other | Multiple or Simultaneous Equation Models: Discrete Regression and Qualitative Choice Models | en_US |
dc.subject.other | Discrete Regressors | en_US |
dc.title | The Computation of Opportunity Costs in Polytomous Choice Models with Selectivity | en_US |
dc.type | Working Paper | en_US |
dc.subject.hlbsecondlevel | Economics | en_US |
dc.subject.hlbtoplevel | Social Sciences | en_US |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/100845/1/ECON300.pdf | |
dc.owningcollname | Economics, Department of - Working Papers Series |
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