ESTIMATION OF A U.S. DAIRY SECTOR MODEL BY MAXIMUM SIMULATED LIKELIHOOD

This paper estimates a multivariate Tobit system of monthly wholesale dairy prices where 4 prices are lower censored by the dairy price support program. Using Maximum Simulated Likelihood (MSL) we test/correct for the effects of simulation noise and discuss the relevance of estimating multivariate versus the single Tobit equations.


Issue Date:
1998
Publication Type:
Working or Discussion Paper
PURL Identifier:
http://purl.umn.edu/12617
Total Pages:
26
Series Statement:
Staff Paper 417, Revised February 1998




 Record created 2017-04-01, last modified 2018-01-22

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