Estimation of Dynastic Life-Cycle Discrete Choice Models

George-Levi Gayle, Limor Golan, Mehmet A. Soytas
<span title="">2015</span> <i title="Federal Reserve Bank of St. Louis"> Federal Reserve Bank of St. Louis, Working Papers </i> &nbsp;
This paper explores the estimation of a class of life-cycle discrete choice intergenerational models. It proposes a new semiparametric estimator. It shows that it is p N -consistent and asymptotically normally distributed. We compare our estimator with a modi...ed version of the full solution maximum likelihood estimator (MLE) in a Monte Carlo study. Our estimator performs comparably to the MLE in a ...nite sample but greatly reduces the computational cost. The paper documents that the
more &raquo; ... quality trade-o¤s depend on the household composition and specialization in the household. Using the proposed estimator, we estimate a dynastic model that rationalizes these observed patterns. (JEL classi...cation: C13, J13, J22, J62) Discrete Choice Models" Abstract This supplementary appendix contains additional tables from the first stage estimation not presented in the main text.
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