Imposing smoothness priors in applied welfare economics: An application of the information contract curve to environmental regulatory analysis
成果类型：
Article
署名作者：
Thurman, WN; Fox, EJ; Bingham, TH
署名单位：
North Carolina State University; Research Triangle Institute
刊物名称：
REVIEW OF ECONOMICS AND STATISTICS
ISSN/ISSBN：
0034-6535
DOI：
10.1162/00346530152480153
发表日期：
2001-08
页码：
511-522
关键词：
摘要：
Economic effects of public policy alternatives often are analyzed with simulation models. The value of simulation is enhanced when model parameters can credibly be estimated econometrically. But unrestricted estimation can be expected to result in problematic estimates, for example, estimated parameters contrary in sign to what economic theory dictates. The information contract curve (ICC), developed by Learner, provides a flexible means to impose regularity on estimated parameters at minimum-likelihood cost. We extend the ICC methodology, using conically uniform priors, and apply it to measuring the welfare costs of environmental regulations in the U.S. pulp, paper, and paperboard industry.
来源URL：