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Maximum likelihood and economic modeling: maximum likelihood is a general and flexible method to estimate the parameters of models in labor economics
Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.ORCID iD: 0000-0001-9244-7018
2017 (English)In: IZA World of Labor, ISSN ISSN: 2054-9571Article in journal (Refereed) Epub ahead of print
Abstract [en]

The data available to economists is rarely the outcome of natural or quasi experiments. Inaddition, it is common for distinct individuals to exhibit similar responses in a given environment whileobservationally identical individuals will respond differently to similar incentives. In such situations the useof an economic model fitted using maximum likelihood methods provide a general approach to thedescription of the observed data whatever its nature. The predictions obtained from a fitted model providecrucial information about the distributional consequences of economic policies.

Place, publisher, year, edition, pages
2017.
Keyword [en]
Log-Likelihood, Economic Model, Parameter Estimates, Distribution
National Category
Economics
Identifiers
URN: urn:nbn:se:umu:diva-125870DOI: 10.15185/izawol.326OAI: oai:DiVA.org:umu-125870DiVA: diva2:972474
Available from: 2016-09-21 Created: 2016-09-21 Last updated: 2017-04-05Bibliographically approved

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CiteExportLink to record
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