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Author : András Imre Péchy
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (982 download)
Download or read book Three Essays on Demand Estimation written by András Imre Péchy and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Hee Kwon Kyung
Publisher :
ISBN 13 : 9781392058756
Total Pages : 126 pages
Book Rating : 4.0/5 (587 download)
Download or read book Three Essays on Demand Estimation written by Hee Kwon Kyung and published by . This book was released on 2019 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapter 1: The Role of Reputation/Feedback Contents in NYC Airbnb Market: Evidence from Hedonic Price Regressions. Economists have found that reducing information asymmetry is crucial for online marketplaces to overcome market failure due to adverse selection. Reputation/feedback systems and multi-media web contents from sellers are known to be popular disclosure devices for this purpose. This paper employs hedonic price regressions to provide empirical evidence that the recent success of a sharing economy platform, Airbnb also relies on such publicly available information on product quality. Machine learning selectors were employed to reduce high-dimensionality in the attribute space. To process consumer review texts and sellers' advertisement texts, word/phrase extraction and sentiment analysis were introduced. I propose a GMM estimation to produce more accurate implicit price estimates, that was designed to control for time-varying unobservables. 'Superhost' designation by the platform and consumer reviews showed greater impacts than seller side advertisement texts. Chapter 2: Demand Estimation for NYC Airbnb Market: Value of Reputation/Feedback Contents and Voluntary Disclosures. The success of online marketplaces has often been attributed to reputation/feedback systems, in that they reduce adverse selection due to information asymmetry by disclosing enforced or verifiable ex-post information on product quality. This paper tries to quantify the value of such information contents in NYC Airbnb market with a newly constructed dataset containing the actual 708,308 vacation rental reservations from Airbnb tourists. A three level nested logit model was employed to capture consumers' choice set formation behaviors during web search on the platform using Google Maps API. High-dimensional attribute space due to extreme product heterogeneity necessitates variable selection using machine learning methods based on sparsity assumption. Though model selection procedures by LASSO and exact inference for post selection parameter estimates were proposed, structural modeling and endogeneity control turn out to be essential for successful identification. Text processing techniques were introduced to extract variables from sellers' advertisement texts and consumer reviews. The results confirm a key insight from information economics: enforced quality certifications and ex-post verified consumer reviews generate greater welfare impacts than non-verified seller side voluntary disclosures. Chapter 3: Estimation for the Distribution of Random Coefficients with Heterogeneous Agent Types: Monte-Carlo Simulation. This paper is a simple Monte-Carlo extension for Fox, Kim, Ryan, and Bajari (2011), which gives a direct estimator for the distribution of random coefficients in diverse settings including logit demand models. The estimator is a simple inequality constrained least squares, and this study examines its behaviors given there are hundreds of consumer types, which could be an interesting case for various marketplaces. High-dimensional metrics are then introduced to reduce the dimensionality of design matrices the rank of which is the number of consumer types. The approximation performances to the cumulative distribution of random coefficients of such post lasso estimators are compared to those of baseline estimator.
Author : Hang Zhou
Publisher :
ISBN 13 : 9781392120675
Total Pages : 119 pages
Book Rating : 4.1/5 (26 download)
Download or read book Three Essays on Demand Estimation written by Hang Zhou and published by . This book was released on 2019 with total page 119 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three chapters concerning both empirical studies and estimation mythologies of the discrete choice models in the area of demand estimation. The first chapter is a pure empirical study of estimating Chinese outbound tourism demand under a discrete choice model framework. The second chapter considers a mixture discrete choice model in which consumers have unobservable and heterogeneous choice sets and proposes a corresponding two-step mixture estimation approach. The third chapter contains a set of simulation studies regarding the two-step mixture approach proposed in the second chapter. More specifically, the first chapter implements a discrete choice approach to estimate the determinants of Chinese outbound tourism demand after year 2004, since when Chinese citizens could travel to most major overseas destinations without political restrictions. Starting from travelers' utility specifications, this chapter implements basic linear regressions to estimate Chinese tourists' sensitivity to the cost of travel and other characteristics of the destinations. The price and income elasticities are estimated as well. This chapter also proposes a strategy to quantify the welfare gains of Chinese tourists from the opening of Taiwan (to mainland China) as a new destination. The second chapter proposes a two-step mixture approach to estimate discrete choice models when consumers' choice sets are unobservable and heterogeneous. Different choice sets are viewed as different consumer types. Each type of consumers has distinct criteria on the attributes of products according to which their choice sets are formatted. After assuming the choice set formation process, the choice sets distribution and preference parameters can be jointly estimated by a two-step mixture approach. A key insight is that the approach can be applied to store level data. While having individual level data is not a must, it can provide guidance on the formation of choice sets. The effectiveness of the proposed mixture approach is demonstrated via a set of Monte Carlo simulations and three empirical applications on markets of milk, potato chips and hot-dogs using the IRI marketing data. The third chapter is a follow-up of Chapter 2 and is based on more simulation studies. In this chapter I review the data generation process (DGP) of my mixture model, discuss the failure of another estimation method which depends on the BLP-type inversion under my DGP setup, and then conduct Monte Carlo simulation experiments to examine the validity of the two-step mixture approach and demonstrate its superiority over other traditional estimation methods under various scenarios.
Author : Byong-Ju Lee
Publisher : Stanford University
ISBN 13 :
Total Pages : 132 pages
Book Rating : 4.F/5 ( download)
Download or read book Three Essays in International Finance written by Byong-Ju Lee and published by Stanford University. This book was released on 2011 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three essays on international finance. The first essay is "Exchange rates and Fundamentals". A new open interest rate parity condition that takes account of economic fundamentals is developed from stochastic discount factors (SDFs) of two countries. Through this parity condition, business cycles or fundamentals are linked to exchange rates. Key empirical findings from this parity condition are as follows. First, this model beats the random walk hypothesis: economic fundamentals explain exchange rate movements for high interest rate currencies. Exchange rates of low interest rate currencies act like a random walk because they are less correlated with fundamentals owing to their low risk. For example, U.S. business cycles explain the direction of changes in exchange rates against the dollar. The same thing is true for Japan. Second, this model resolves the forward premium puzzle: the forward premium puzzle is not a general characteristic as regarded in previous studies. It happens when the risk awareness of investors is low, during economic expansions and for low risk currencies. The second essay is "Carry Trade and Global Financial Instability". Carry trade, an opportunistic investment strategy that takes advantage of interest rate differential across countries, is identified the cause of the large-scale depreciations of peripheral currencies in the later half of 2008. A simultaneous equations model, which is derived from a conceptual partial equilibrium model for a local foreign exchange market, is estimated from a cross-sectional sample. The results suggest that the larger appreciation of the yen than the dollar was brought about by a lack of the local supply of the yen rather than a more severe crunch of yen credits. The third essay is "The Economic Origin of Letters of Credit". This essay discusses the economic origin of letters of credit, an instrument widely used in international trade. A game theoretical analysis shows that letters of credit improve efficiency in trade settlements, increasing returns in trade. A few notable facts on letters of credit are discussed. First, the new institution is adopted by merchant banks to maximize their profits and in the process, an improvement in efficiency of international transactions is obtained. Second, the organization established by the legacy institution, bills of exchange, played a critical role in adopting the new institution. Third, the legal enforcement is not essential in this economic institution. Finally, two drivers are identified that improve efficiency of transactions: concentration and projection.
Author : Octavio Valdez Lafarga
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (133 download)
Download or read book Three Essays on Demand Systems Estimation for Agricultural and Natural Resource Economics written by Octavio Valdez Lafarga and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Three demand systems were estimated to examine demand sensitivity and welfare changes for each commodity under study. In the first essay, a Quadratic Almost Ideal Demand System (QUAIDS) was used to examine the effect of the Fukushima Daichi nuclear disaster on the demand for imported pelagic fish in the domestic Japanese market. The effect of the Fukushima Daichi nuclear disaster was measured using changes in demand after the disaster as well as measures of changes in social welfare changes caused by the disaster. A significant effect of the disaster on demand sensitivity measures was found, but no significant changes in welfare. In the second essay, a differential demand system examined the effect of exchange rate fluctuations on the demand for fresh tomatoes in the U.S. Market. It was found that the U.S. Dollar-Mexican Peso exchange rate had a significant positive effect on the demand for Mexican fresh tomatoes. In the third essay, a Hurdle Negative Binomial demand system was estimated for recreational trips to the Boundary Waters Canoe Area Wilderness. This model was estimated using Bayesian methods to obtain parameter estimates that could not be obtained by maximum likelihood. The parameters were used to calculate recreational welfare measures for trips to seventy-two entry points.
Author : Brian P. Poi
Publisher :
ISBN 13 :
Total Pages : 318 pages
Book Rating : 4.3/5 (91 download)
Download or read book Three Essays in Applied Econometrics written by Brian P. Poi and published by . This book was released on 2002 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Lori Lynn Parcel
Publisher :
ISBN 13 :
Total Pages : 362 pages
Book Rating : 4.F/5 ( download)
Download or read book Three Essays in Applied Microeconomics written by Lori Lynn Parcel and published by . This book was released on 2008 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Murat Khairzhanuly Munkin
Publisher :
ISBN 13 :
Total Pages : 374 pages
Book Rating : 4.3/5 ( download)
Download or read book Three Essays on Simulation-based Estimation of Multivariate Models with Unobserved Heterogeneity written by Murat Khairzhanuly Munkin and published by . This book was released on 2001 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Tosmai Puenpatom
Publisher :
ISBN 13 : 9781109906806
Total Pages : 166 pages
Book Rating : 4.9/5 (68 download)
Download or read book Three Essays on Demand for Freight Transportation: Optimization, Spatial Econometrics and Parametric Estimations written by Tosmai Puenpatom and published by . This book was released on 2006 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dissertation evaluates the demand for grain transportation using different methodologies such as a spatial Tobit demand estimation and the optimization models. The first essay, taking account of the spatial interactions, develops the Tobit demand system with different spatial weight matrices, which represents spatial effects on demand for transportation among neighboring elevators. I proposed the new methodology of systematically constructing an unequal weight matrix for the spatial Tobit demand model through the use of Geographic Information System (GIS). The main results indicate a significant negative impact of the spatial factor in the demand for rail transportation and heterogeneity among elevator companies.
Author : Mark J. Lasky
Publisher : Routledge
ISBN 13 : 1317502515
Total Pages : 157 pages
Book Rating : 4.3/5 (175 download)
Download or read book Three Essays on Productivity (RLE: Business Cycles) written by Mark J. Lasky and published by Routledge. This book was released on 2015-03-27 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt: The behaviour of US productivity since this book was originally publishedin 1994, has added new relevance to the relationship between profits and productivity. In the long run, productivity growth determines the economic standard of living. This book is divided into three parts: the basis of the first is the empirical finding that, controlling for normal business cycle effects, productivity grows faster when profits have been low than otherwise. The second part discusses how to measure marginal cost using time series data and the third tests a basic assumption that productivity growth is exogenous to labour and capital.
Author : Eric S. Rosengren
Publisher :
ISBN 13 :
Total Pages : 314 pages
Book Rating : 4.:/5 (89 download)
Download or read book Three Essays on written by Eric S. Rosengren and published by . This book was released on 1986 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mine Zeynep Senses
Publisher :
ISBN 13 :
Total Pages : 292 pages
Book Rating : 4.3/5 (91 download)
Download or read book Three Essays in International Economics written by Mine Zeynep Senses and published by . This book was released on 2005 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Moonsuk Oh
Publisher :
ISBN 13 :
Total Pages : 362 pages
Book Rating : 4.:/5 (89 download)
Download or read book Three Essays on written by Moonsuk Oh and published by . This book was released on 1991 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Dae-Wook Kim
Publisher :
ISBN 13 :
Total Pages : 238 pages
Book Rating : 4.:/5 (68 download)
Download or read book Three Essays in Energy Economics written by Dae-Wook Kim and published by . This book was released on 2004 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Tse-Chun Lin
Publisher : Rozenberg Publishers
ISBN 13 : 9036101514
Total Pages : 146 pages
Book Rating : 4.0/5 (361 download)
Download or read book Three essays on empirical finance written by Tse-Chun Lin and published by Rozenberg Publishers. This book was released on 2009 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 110 pages
Book Rating : 4.:/5 (465 download)
Download or read book Three Essays on Count Data Estimation Methods with Applications to Health Economics written by and published by . This book was released on 2009 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this dissertation is to propose and estimate count data microeconometric models that take into account special features of health care data. Three problems in health economics are investigated. The first essay analyzes the effect of managed care insurance plans on the demand for outpatient physician visits. It provides a Bayesian method to empirically separate selection effects due to individual choice of coverage and incentive effects known as moral hazard. The proposed Endogenous Hurdle Poisson log-Normal model addresses two important econometric issues: the large proportion of zero outpatient visits and the endogeneity of managed care insurance status to utilization of outpatient services. The data are obtained from the Medical Expenditure Panel Survey, (MEPS), and the sample consists of privately insured individuals, aged 21-64, all of whom are employed but not self-employed. The analysis indicates both favorable selection bias and important moral hazard effects in the decision whether to utilize an outpatient visit or not. The second essay investigates the impact of health insurance coverage on utilization of doctor visits. A Bayesian panel count data model with correlated random effects and endogenous treatment of the insurance variable is applied to a subset of the Health and Retirement Study (HRS), a national longitudinal survey of individuals over 50 years old and their spouses. The age limit for Medicare eligibility at age 65 serves as an exclusion restriction. After controlling for selection effects insured individuals present higher utilization of doctor visits. The third essay analyzes the demand for cigarettes using data from the 1994-1996 Continuing Survey of Food Intakes by Individuals (CSFII). Since individuals tend to round their consumption of cigarettes in packs smoked per day the dependent variable - number of cigarettes - exhibits pile-ups of counts. The mixed binary-ordered probit approach accommodates this feature of the data and models the starting smoking, the quitting smoking and the how much to smoke decisions. The analysis is performed separately for men and women and provides strong evidence of gender differences in cigarette consumption.
Author : Faysal Habib Fahs
Publisher :
ISBN 13 :
Total Pages : 160 pages
Book Rating : 4.:/5 (253 download)
Download or read book Essays in the Estimation of Systems of Limited Dependent Variables with Application to Demand Systems written by Faysal Habib Fahs and published by . This book was released on 2008 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt:
