作者：Merlo, Antonio; Ortalo-Magne, Francois; Rust, John
作者单位：Rice University; University of Wisconsin System; University of Wisconsin Madison; Georgetown University
摘要：We formulate and solve the problem of a homeowner who wants to sell her house for the maximum possible price net of transactions costs. We estimate this model using data on transaction histories for 780 residential properties in England. The estimated model fits list price dynamics and other key features of the data. In particular, a tiny menu cost of changing the listing price, as little as ten thousandths of 1% of the house value, is sufficient to explain the high degree of stickiness of lis...
作者：Eisenhauer, Philipp; Heckman, James J.; Mosso, Stefano
作者单位：University of Chicago; University of Chicago
摘要：We compare the performance of maximum likelihood (ML) and simulated method of moments (SMM) estimators for dynamic discrete choice models. We construct and estimate a simplified dynamic structural model of education that captures some basic features of educational choices in the United States in the 1980s and early 1990s. We use estimates from our model to simulate a synthetic data set and assess the ability of ML and SMM to recover the model parameters on this sample. We investigate the perfo...
