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Maximum Likelihood and Economic Modeling without Apology
Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.ORCID iD: 0000-0001-9244-7018
(English)In: IZA World of Labor, ISSN ISSN: 2054-9571Article in journal (Refereed) Accepted
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.

Keyword [en]
Log-Likelihood; Economic Model; Parameter Estimates; Distribution
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URN: urn:nbn:se:umu:diva-125870OAI: diva2:972474
Available from: 2016-09-21 Created: 2016-09-21 Last updated: 2016-09-21

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Lanot, Gauthier
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