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Friday, July 17, 2020 | History

2 edition of Robust estimation of the joint consumption/asset demand decision found in the catalog.

Robust estimation of the joint consumption/asset demand decision

Marjorie Flavin

Robust estimation of the joint consumption/asset demand decision

by Marjorie Flavin

  • 160 Want to read
  • 35 Currently reading

Published by National Bureau of Economic Research in Cambridge, MA .
Written in English

    Subjects:
  • Consumption (Economics) -- Econometric models.,
  • Consumption (Economics) -- United States -- Econometric models.,
  • Robust statistics.

  • Edition Notes

    StatementMarjorie Flavin.
    SeriesNBER working paper series -- working paper 7011, Working paper series (National Bureau of Economic Research) -- working paper no. 7011.
    ContributionsNational Bureau of Economic Research.
    Classifications
    LC ClassificationsHB1 .W654 no. 7011
    The Physical Object
    Pagination28, [1], 2 p. :
    Number of Pages28
    ID Numbers
    Open LibraryOL22400129M

    Demand Curve for Gasoline А Price per Gal of Gasoline (USD) + -- $ Demand Curve 0 40 50 60 70 80 90 Gal of Gasoline Purchased (Milliona) What is.   Ch 4: Demand Estimation Multiple Regression Model: Example ˆ Yi = b0 + b1 X 1i + b2 X 2i + L + bk X ki Excel Output Intercept X Variable 1 X Variable 2 Coefficients ˆ Yi = − X 1i − X 2i For each degree increase in temperature, the estimated average amount of heating oil used is.

    Save $$ on textbooks. Rent, buy or sell your books today and get 24/7 homework help when you need it with Chegg Study and Chegg Tutors. Using consumption expenditures as a measure of household wealth and alternative estimation methodologies, including duration analysis, we find a positive and significant relationship between changes in wealth and changes in the demand for education, even after controlling for locality-specific.

    The conditional consumption CAPM can account for the difference in returns between low-book-to-market and high-book-to-market portfolios and exhibits little evidence of residual size or book-to. and also improve the joint behavior of aggregate consumption and the equity return. Finally, we consider two extensions. First, we permit correlation between the equity return and the RI-induced noise.5 We nd that the sign of the correlation a ects the long-run consumption and optimal asset .


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Robust estimation of the joint consumption/asset demand decision by Marjorie Flavin Download PDF EPUB FB2

Robust Estimation of the Joint Consumption / Asset Demand Decision Marjorie Flavin. NBER Working Paper No. Issued in March NBER Program(s):Economic Fluctuations and Growth.

The paper proposes an instrumental variables version of the Huber estimator as an alternative to the IV-Krasker Welsch estimator. Robust estimation of the joint consumption/asset demand decision. [Marjorie Flavin; National Bureau of Economic Research.] -- Abstract: The paper proposes an instrumental variables version of the Huber estimator as an alternative to the IV-Krasker Welsch estimator.

Get this from a library. Robust estimation of the joint consumption/asset demand decision. [Marjorie Flavin; National Bureau of Economic Research.]. Robust Estimation of the Joint Consumption / Asset Demand Decision The paper proposes an instrumental variables version of the Huber estimator as an alternative to the IV-Krasker Welsch estimator.

The IV-Huber estimator is analytically and computationally much simpler than IV. Get this from a library. The joint consumption/asset demand decision: a case study in robust estimation. [Marjorie Flavin]. The Joint Consumption/Asset Demand Decision: A Case Study in Robust Estimation.

By Marjorie A. Flavin. Download PDF ( KB) Abstract. The paper uses a previously unexploited data set -- the Michigan Survey of Consumer Finances -- to ask whether the finding that consumption tracks current income more closely than is consistent with the. The Joint Consumption/Asset Demand Decision: A Case Study in Robust Estimation Marjorie A.

Flavin. NBER Working Paper No. Issued in August NBER Program Cited by: THE JOINT CONSUMPTION/ASSET DEMAND DECISION: A CASE STUDY IN ROBUST ESTIMATION ABSTRACT The paper uses a previously unexploited data set --the Michigan Survey of Consumer Finances --to ask whether the finding that consumption tracks current income more closely than is consistent with the permanent income hypothesis can be.

In this setting, they showed that a closed form solution exists. Recently, Liu () extended the previous findings to the case where asset returns are quadratic in mean reverting state variables. He obtained explicit solutions in complete markets with intermediate consumption and in incomplete markets with only terminal wealth.

The phrase‘consumption function’ is the relationship between consumption and disposable income and has along standing and in existing literature. At very firstJ.M. Keynes introduced this concept in his book “The General Theory of Employment, Interest and Money”. He dealt with the phenomenon of.

The paper uses a robust instrumental variables estimator, and argues that achieving robustness with respect to leverage points is actually simpler, both conceptually and computationally, in an instrumental variables context than in the OLS context. Households do use asset stocks to smooth their consumption.

The estimated production and sales for a coffee table book on celebrity gardening is 10, volumes at a total cost of $, Calculate the sales price for each book if the publisher desires a before-tax return of 25 percent.

$ b. $ c. $ d. $   Ulrich () employs a robust decision making framework to analyze how model uncertainty with respect to monetary policy affects the term premium on nominal bond yields. Kleshchelski and Vincent () present an equilibrium model of the term structure in a robust control setting where consumption growth exhibits stochastic volatility.

They. Decades ago, Marjorie Flavin attempted some remedial education in her paper, " The Joint Consumption/Asset Demand Decision: A Case Study in Robust Estimation ". She concluded that. "Compared to the conventional results, the robust instrumental variables estimates are more stable across different subsamples, more consistent with the theoretical specification of the.

based framework of robust decision making which has been pioneered by Hansen and Sargent.2 This notion of robustness has been extensively employed for solving consumption and portfolio alloca- tion problems in the di usive setting.

3 For instance, Uppal and Wang () derive a model of. Flavin, M.,The joint consumption/ asset demand decision: A case study in robust estimation, mimeo Gali, J.,Finite horizons, life cycle savings, and time-series evidence on consumption, Journal of Monetary Econom A 'read' is counted each time someone views a publication summary (such as the title, abstract, and list of authors), clicks on a figure, or views or downloads the full-text.

JOINT PRODUCTION COST ALLOCATION: AN APPLICATION demand issues, implicitly assuming thus, the existence of no inventory. In contrast to the traditional approaches, the model developed here pre­ The estimation of the percentage contribution of each product to the company's total sales.

d) The preparation of a table that contains summary. The Asset Consumption Ratio basically indicates the current, depreciated value of the infrastructure compared to its new, as built cost.

So in effect, the city is spending enough over time to keep the infrastructure, in effect, at between 79 percent and 73 percent of its "as new" condition. Consumption-based asset pricing models use marginal rates of substitution to determine the relative prices of the date, event-contingent, composite consumption good.

This model class is characterized by a stochastic discount factor process that puts restrictions on the joint process of asset returns and per capita consumption. Joint Estimation and Robustness Optimization. of interfaces as decision variablesthe static admissible stress fields of jointed rock slope are constructedand the mathematical programming model.Robust control is an approach for confronting model uncertainty in decision making, aiming at finding decision rules which perform well across a range of alternative models.Quintana, J.

M., V. K. Chopra and B. H. Putnam (), “Global asset allocation: stretching returns by shrinking forecasts,” paper presented to the International Society for Bayesian Analysis meeting, Istanbul (at ) and published in the joint ISBA and ASA section on Bayesian statistical science proceedings volume.