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Full-Text Articles in Econometrics
Clustering And Polarization In The Distribution Of Output: A Multivariate Perspective, Michele Battisti, Christopher Parmeter
Clustering And Polarization In The Distribution Of Output: A Multivariate Perspective, Michele Battisti, Christopher Parmeter
Christopher F. Parmeter
No abstract provided.
Nonparametric Kernel Regression With Multiple Predictors And Multiple Shape Constraints, Pang Du, Christopher Parmeter, Jeffrey Racine
Nonparametric Kernel Regression With Multiple Predictors And Multiple Shape Constraints, Pang Du, Christopher Parmeter, Jeffrey Racine
Christopher F. Parmeter
No abstract provided.
Embarrassingly Easy Embarrassingly Parallel Processing In R: Implementation And Reproducibility, Michael Delgado, Christopher Parmeter
Embarrassingly Easy Embarrassingly Parallel Processing In R: Implementation And Reproducibility, Michael Delgado, Christopher Parmeter
Christopher F. Parmeter
No abstract provided.
What Can We Learn From Benefit Transfer Errors? Evidence From 20 Years Of Research On Convergent Validity, Sapna Kaul, Kevin Boyle, Nicolai Kuminoff, Christopher Parmeter, Jaren Pope
What Can We Learn From Benefit Transfer Errors? Evidence From 20 Years Of Research On Convergent Validity, Sapna Kaul, Kevin Boyle, Nicolai Kuminoff, Christopher Parmeter, Jaren Pope
Christopher F. Parmeter
No abstract provided.
Due Diligence In Meta-Analysis To Support Benefit Transfer, Kevin Boyle, Christopher Parmeter, Brent Boehlert, Robert Paterson
Due Diligence In Meta-Analysis To Support Benefit Transfer, Kevin Boyle, Christopher Parmeter, Brent Boehlert, Robert Paterson
Christopher F. Parmeter
No abstract provided.
Data-Driven Model Evaluation: A Test For Revealed Performance, Jeffrey Racine, Christopher Parmeter
Data-Driven Model Evaluation: A Test For Revealed Performance, Jeffrey Racine, Christopher Parmeter
Christopher F. Parmeter
No abstract provided.
Regression And Inference Under Smoothness Restrictions, Christopher Parmeter, Kai Sun, Daniel Henderson, Subal Kumbhakar
Regression And Inference Under Smoothness Restrictions, Christopher Parmeter, Kai Sun, Daniel Henderson, Subal Kumbhakar
Christopher F. Parmeter
No abstract provided.
Does Education Matter For Economic Growth?, Michael Delgado, Daniel J. Henderson, Christopher Parmeter
Does Education Matter For Economic Growth?, Michael Delgado, Daniel J. Henderson, Christopher Parmeter
Christopher F. Parmeter
Empirical economic research typically uses education as a proxy for human capital. However, research aimed at validating the inclusion of education measures in growth regressions has yet to reach a consensus, often finding that the sign and significance of education depends on the sample of observations or the specification of the model. The goal of this paper is to reconcile the conflicting empirical evidence and validate (or invalidate) the inclusion of education in international growth regressions by providing a rigorous and systematic search for significance of education. Using methods which are largely immune to model misspecification, we examine six of …
A Zero Inefficiency Stochastic Frontier Estimator, Subal C. Kumbhakar, Christopher Parmeter, Efthymios G. Tsionas
A Zero Inefficiency Stochastic Frontier Estimator, Subal C. Kumbhakar, Christopher Parmeter, Efthymios G. Tsionas
Christopher F. Parmeter
Traditional stochastic frontier models impose inefficient behavior on all firms in the sample of interest. If the data under investigation represent a mixture of both fully efficient and inefficient firms then off-the-shelf frontier models are statistically inadequate. We introduce a zero-inflated stochastic frontier model which can accommodate the presence of both efficient and inefficient firms in the sample. We derive the corresponding log-likelihood function, conditional mean of inefficiency to estimate observation-specific inefficiency and discuss testing for the presence of fully efficient firms. We provide both simulated evidence as well as an empirical example which demonstrates the applicability of the proposed …
A Simple Method To Visualize Results In Nonlinear Regression Models, Daniel Henderson, Subal Kumbhakar, Christopher Parmeter
A Simple Method To Visualize Results In Nonlinear Regression Models, Daniel Henderson, Subal Kumbhakar, Christopher Parmeter
Christopher F. Parmeter
No abstract provided.
Gdp Clustering: A Reappraisal, Michele Battisti, Christopher Parmeter
Gdp Clustering: A Reappraisal, Michele Battisti, Christopher Parmeter
Christopher F. Parmeter
No abstract provided.
A Review Of The Bms Package For R, Shahram Amini, Christopher Parmeter
A Review Of The Bms Package For R, Shahram Amini, Christopher Parmeter
Christopher F. Parmeter
This paper describes the relative merits and attractiveness of the newest Bayesian model averaging package, BMS, available in the statistical software R to implement a Bayesian model averaging exercise. This package provides the user a wide range of customizable priors for conducting a BMA analysis, provides ample graphs to visualize results and offers several alternative model search mechanisms.
Normal Reference Bandwidths For The General Order, Multivariate Kernel Density Derivative Estimator, Christopher Parmeter, Daniel Hendseron
Normal Reference Bandwidths For The General Order, Multivariate Kernel Density Derivative Estimator, Christopher Parmeter, Daniel Hendseron
Christopher F. Parmeter
No abstract provided.
Smooth Coefficient Estimation Of A Seemingly Unrelated Regression, Daniel Henderson, Subal Kumbhakar, Qi Li, Christopher Parmeter
Smooth Coefficient Estimation Of A Seemingly Unrelated Regression, Daniel Henderson, Subal Kumbhakar, Qi Li, Christopher Parmeter
Christopher F. Parmeter
No abstract provided.
A Quick Guide On Sweave, Christopher Parmeter
A Quick Guide On Sweave, Christopher Parmeter
Christopher F. Parmeter
No abstract provided.
Bayesian Estimation Approaches To First-Price Auctions, Subal Kumbhakar, Christopher Parmeter, Efthymios Tsionas
Bayesian Estimation Approaches To First-Price Auctions, Subal Kumbhakar, Christopher Parmeter, Efthymios Tsionas
Christopher F. Parmeter
This paper considers Bayesian estimation strategies for first-price auctions within the independent private value paradigm. We develop an ‘optimization’ error approach that allows for estimation of values assuming that observed bids differ from optimal bids. We further augment this approach by allowing systematic over or underbidding by bidders using ideas from the stochastic frontier literature. We perform a simulation study to showcase the appeal of the method and apply the techniques to timber auction data collected in British Columbia. Our results suggest that significant underbidding is present in the timber auctions.
Quasi-Experiments And Hedonic Property Value Methods, Christopher Parmeter, Jaren Pope
Quasi-Experiments And Hedonic Property Value Methods, Christopher Parmeter, Jaren Pope
Christopher F. Parmeter
There has recently been a dramatic increase in the number of papers that have combined quasi-experimental methods with hedonic property models. This is largely due to the concern that cross-sectional hedonic methods may be severely biased by omitted variables. While the empirical literature has developed extensively, there has not been a consistent treatment of the theory and methods of combining hedonic property models with quasi-experiments. The purpose of this chapter is to fill this void. An effort is made to provide background information on the traditional hedonic theory, the traditional cross-sectional hedonic methods as well as the newer quasi-experimental hedonic …
Empirical Implementation Of Nonparametric First-Price Auction Models, Daniel Henderson, John List, Daniel Millimet, Christopher Parmeter, Michael Price
Empirical Implementation Of Nonparametric First-Price Auction Models, Daniel Henderson, John List, Daniel Millimet, Christopher Parmeter, Michael Price
Christopher F. Parmeter
Although these estimators are popular in the literature, many key features necessary for proper implementation have yet to be uncovered. Here we provide several suggestions for nonparametric estimation of first-price auction models. Specifically, we show how to impose monotonicity of the equilibrium bidding strategy; a key property of structural auction models not guaranteed in standard nonparametric estimation. We further develop methods for automatic bandwidth selection. Finally, we discuss how to impose monotonicity in auctions with differing numbers of bidders, reserve prices, and auction-specific characteristics. Finite sample performance is examined using simulated data as well as experimental auction data.
Comparisons Of Model Averaging Techniques: Assessing Growth Determinants, Shahram Amini, Christopher Parmeter
Comparisons Of Model Averaging Techniques: Assessing Growth Determinants, Shahram Amini, Christopher Parmeter
Christopher F. Parmeter
This paper replicates three important studies on growth theory uncertainty that employed Bayesian model averaging tools. We compare these results with estimates obtained using recently developed frequentist and alternative Bayesian model averaging techniques. Overall, we successfully replicate all three studies using freely available software in the statistical environment R, provide an easily implementable algorithm to operationalize the frequentist model averaging methods and find that the sign and magnitude of these new estimates are reasonably close to those produced via traditional Bayesian methods.
Income Polarization, Convergence Tools And Mixture Analysis, Michele Battisti, Christopher Parmeter
Income Polarization, Convergence Tools And Mixture Analysis, Michele Battisti, Christopher Parmeter
Christopher F. Parmeter
Modeling the cross-country distribution of per capita using mixture analysis provides a natural platform for the recovery or detection of clubs of countries. Unfortunately, these mixture methods, when based on a strictly univariate approach are limiting towards one's ability to learn about the underlying process of the emergence of the clubs. This paper takes a fresh look at the sources contributing to the emergence of clubs in the distribution of cross-country output using bivariate and multivariate mixture analysis.
Canonical Higher-Order Kernels For Density Derivative Estimation, Daniel J. Henderson, Christopher Parmeter
Canonical Higher-Order Kernels For Density Derivative Estimation, Daniel J. Henderson, Christopher Parmeter
Christopher F. Parmeter
In this note we present rth-order kernel density derivative estimators using canonical higher-order kernels. These canonical rescalings uncouple the choice of kernel and scale factor. This approach is useful for selection of the order of the kernel in a data-driven procedure as well as for visual comparison of kernel estimates.
Bayesian Model Averaging In R, Shahram Amini, Christopher Parmeter
Bayesian Model Averaging In R, Shahram Amini, Christopher Parmeter
Christopher F. Parmeter
Bayesian model averaging has increasingly witnessed applications across an array of empirical contexts. However, the dearth of available statistical software which allows one to engage in a model averaging exercise is limited. It is common for consumers of these methods to develop their own code, which has obvious appeal. However, canned statistical software can ameliorate one’s own analysis if they are not intimately familiar with the nuances of computer coding. Moreover, many researchers would prefer user ready software to mitigate the inevitable time costs that arise when hard coding an econometric estimator. To that end, this paper describes the relative …
Economies Of Scope Of Lending And Mobilizing Deposits In Microfinance Institutions: A Semiparametric Analysis, Valentina Hartarska, Christopher Parmeter, Denis Nadolynak
Economies Of Scope Of Lending And Mobilizing Deposits In Microfinance Institutions: A Semiparametric Analysis, Valentina Hartarska, Christopher Parmeter, Denis Nadolynak
Christopher F. Parmeter
No abstract provided.
A Gentle Introduction To R, Christopher Parmeter
A Gentle Introduction To R, Christopher Parmeter
Christopher F. Parmeter
No abstract provided.
Economies Of Scope For Microfinance: Differences Across Output Measures, Valentina Hartarska, Christopher Parmeter, Denis Nadolynak, Beibei Zhu
Economies Of Scope For Microfinance: Differences Across Output Measures, Valentina Hartarska, Christopher Parmeter, Denis Nadolynak, Beibei Zhu
Christopher F. Parmeter
In banking, scope economies of mobilizing deposits and lending are often estimated, while consideration of the same measures for microfinance institutions (MFI) is still in its infancy. An open issue remains regarding what characterizes an output of an MFI. Moreover, depending on the output used, do estimated scope economies differ? We use a novel data set for over 800 MFI across more than 70 countries to estimate economies of scope. Our findings suggest that statistical differences arise between estimates of scope economies. However, our qualitative findings indicate that both of these measures provide similar overviews of the landscape of scope …
Market Power, Eu Integration And Privatization: The Case Of Romania, Gabriel Asaftei, Christopher Parmeter
Market Power, Eu Integration And Privatization: The Case Of Romania, Gabriel Asaftei, Christopher Parmeter
Christopher F. Parmeter
This paper investigates the effects on pricing behavior of firms in a transition economy resulting from integration into the European Union’s Common Market and changes in ownership. We use a semiparametric model with a rich panel of manufacturing firms in Romania from 1995 to 2003 to estimate firm-level markups. We find that markups are higher in more concentrated industries and less exposed to foreign competition. Trade integration appears to generally increase competitive pressure on markups. Industries exposed to more international competition experience a larger change in markups following integration into the European Union’s Common Market. However, as the initial impact …
Which Hedonic Models Can We Trust To Recover The Marginal Willingness To Pay For Environmental Amenities?, Nicolai Kuminoff, Christopher Parmeter, Jaren Pope
Which Hedonic Models Can We Trust To Recover The Marginal Willingness To Pay For Environmental Amenities?, Nicolai Kuminoff, Christopher Parmeter, Jaren Pope
Christopher F. Parmeter
The hedonic property value model is among our foremost tools for evaluating the economic consequences of policies that target the supply of local public goods, environmental services, and urban amenities. We design a theoretically consistent and empirically realistic Monte Carlo study of whether omitted variables seriously undermine the method’s ability to accurately identify economic values. Our results suggest that large gains in accuracy can be realized by moving from the standard linear specifications for the price function to a more flexible framework that uses a combination of spatial fixed effects, quasi-experimental identification, and temporal controls for housing market adjustment
The Benefit Transfer Challenges, Kevin Boyle, Nicolai Kuminoff, Christopher Parmeter, Jaren Pope
The Benefit Transfer Challenges, Kevin Boyle, Nicolai Kuminoff, Christopher Parmeter, Jaren Pope
Christopher F. Parmeter
Presidential Executive Order 12,866 requires federal agencies to design “cost-effective” regulations and to assess “costs and benefits” of these regulations on the basis of “the best reasonably obtainable scientific, technical, economic, and other information.” Benefit transfers are one economic approach used to estimate these benefits and costs, and the use of existing economic information to predict the effects of new policies is well established. However, advancing the practice of benefit transfers is crucial if economists are to play a role in developing federal policies. We review contributions to the benefit-transfer literature and present a unified conceptual framework to guide the …
Estimation Of Hedonic Price Functions With Incomplete Information, Subal Kumbhakar, Christopher Parmeter
Estimation Of Hedonic Price Functions With Incomplete Information, Subal Kumbhakar, Christopher Parmeter
Christopher F. Parmeter
Existence of persistent price dispersion suggests that some buyers find lower prices through search and information acquisition, while some sellers charge higher prices by gathering information on potential buyers. If buyers are not fully informed of the lowest price available in the market they end up paying a price higher than if they had full information. Similarly, if sellers are not fully informed about the highest price they could charge, they too suffer by receiving a price lower than had they had full information. This paper develops a hedonic price model that incorporates the effects of incomplete information on both …
Has The World Trade Organization Promoted Successful Regional Trade Agreements?, Jason Grant, Christopher Parmeter
Has The World Trade Organization Promoted Successful Regional Trade Agreements?, Jason Grant, Christopher Parmeter
Christopher F. Parmeter
The WTO’s Committee on Regional Trade Agreements (CRTA) is charged with monitoring, examining, and ensuring the compliance of RTAs. In this paper we ask whether oversight and examination has fostered successful RTAs using bilateral trade flows as our metric. We develop a comprehensive dataset covering 290 regional economic integration agreements that have entered into force since 1960. Remarkably, the data reveal that almost half (43%) of all agreements in existence (up to 2005) are neither notified nor accounted for in the RTA database published by the WTO. We then exploit variation in the notification status of an RTA to determine …