Estimation of a US dairy sector model by maximum simulated likelihood

Authors
Arias, C Cox, TL
Citation
C. Arias et Tl. Cox, Estimation of a US dairy sector model by maximum simulated likelihood, APPL ECON, 33(9), 2001, pp. 1201-1211
Citations number
31
Categorie Soggetti
Economics
Journal title
APPLIED ECONOMICS
ISSN journal
00036846 → ACNP
Volume
33
Issue
9
Year of publication
2001
Pages
1201 - 1211
Database
ISI
SICI code
0003-6846(200107)33:9<1201:EOAUDS>2.0.ZU;2-#
Abstract
This paper estimates a multivariate Tobit system of monthly wholesale dairy prices where four prices are lower censored by the dairy price support pro gramme. Using Maximum Simulated Likelihood (MSL) the effects of simulation noise are tested/ corrected for and the relevance of estimating multivariat e versus the single Tobit equations discussed.