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

Arias, Carlos; Cox, Thomas L.
1998
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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.

Title
ESTIMATION OF A U.S. DAIRY SECTOR MODEL BY MAXIMUM SIMULATED LIKELIHOOD
Author(s)
Arias, Carlos
Cox, Thomas L.
Subject(s)
Issue Date
1998
Publication Type
Working or Discussion Paper
Digital Object Identifier
https://doi.org/10.22004/ag.econ.12617
Record Identifier
https://ageconsearch.umn.edu/record/12617
PURL Identifier
http://purl.umn.edu/12617
Language
English
Total Pages
26
Series Statement
Staff Paper 417, Revised February 1998
Record Appears in
University of Wisconsin-Madison > Department of Agricultural and Applied Economics > Staff Papers

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