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Contingent Valuation: A Critical Assessment
Type: Book
ISBN: 978-1-84950-860-5

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Publication date: 30 July 1993

JERRY A. HAUSMAN

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Contingent Valuation: A Critical Assessment
Type: Book
ISBN: 978-1-84950-860-5

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Abstract

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Contingent Valuation: A Critical Assessment
Type: Book
ISBN: 978-1-84950-860-5

To view the access options for this content please click here

Abstract

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Contingent Valuation: A Critical Assessment
Type: Book
ISBN: 978-1-84950-860-5

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Book part
Publication date: 19 December 2012

John C. Chao, Jerry A. Hausman, Whitney K. Newey, Norman R. Swanson and Tiemen Woutersen

This chapter shows how a weighted average of a forward and reverse Jackknife IV estimator (JIVE) yields estimators that are robust against heteroscedasticity and many…

Abstract

This chapter shows how a weighted average of a forward and reverse Jackknife IV estimator (JIVE) yields estimators that are robust against heteroscedasticity and many instruments. These estimators, called HFUL (Heteroscedasticity robust Fuller) and HLIM (Heteroskedasticity robust limited information maximum likelihood (LIML)) were introduced by Hausman, Newey, Woutersen, Chao, and Swanson (2012), but without derivation. Combining consistent estimators is a theme that is associated with Jerry Hausman and, therefore, we present this derivation in this volume. Additionally, and in order to further understand and interpret HFUL and HLIM in the context of jackknife type variance ratio estimators, we show that a new variant of HLIM, under specific grouped data settings with dummy instruments, simplifies to the Bekker and van der Ploeg (2005) MM (method of moments) estimator.

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Essays in Honor of Jerry Hausman
Type: Book
ISBN: 978-1-78190-308-7

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Book part
Publication date: 19 December 2012

John C. Chao, Jerry A. Hausman, Whitney K. Newey, Norman R. Swanson and Tiemen Woutersen

In a recent paper, Hausman, Newey, Woutersen, Chao, and Swanson (2012) propose a new estimator, HFUL (Heteroscedasticity robust Fuller), for the linear model with…

Abstract

In a recent paper, Hausman, Newey, Woutersen, Chao, and Swanson (2012) propose a new estimator, HFUL (Heteroscedasticity robust Fuller), for the linear model with endogeneity. This estimator is consistent and asymptotically normally distributed in the many instruments and many weak instruments asymptotics. Moreover, this estimator has moments, just like the estimator by Fuller (1977). The purpose of this note is to discuss at greater length the existence of moments result given in Hausman et al. (2012). In particular, we intend to answer the following questions: Why does LIML not have moments? Why does the Fuller modification lead to estimators with moments? Is normality required for the Fuller estimator to have moments? Why do we need a condition such as Hausman et al. (2012), Assumption 9? Why do we have the adjustment formula?

Details

Essays in Honor of Jerry Hausman
Type: Book
ISBN: 978-1-78190-308-7

Keywords

To view the access options for this content please click here

Abstract

Details

Contingent Valuation: A Critical Assessment
Type: Book
ISBN: 978-1-84950-860-5

To view the access options for this content please click here
Book part
Publication date: 19 December 2012

Jerry A. Hausman

I would like to thank Carter Hill and other people at LSU who helped organize a very enjoyable conference on the Hausman Specification Test in February 2012. Many of the…

Abstract

I would like to thank Carter Hill and other people at LSU who helped organize a very enjoyable conference on the Hausman Specification Test in February 2012. Many of the chapters in this volume were given at the conference. I was pleased to be around many friends at the conference, and I found the chapters very interesting. I especially appreciate the chapter by Professor Hector Zapata and Ms. Cristina Camanita, which considered the diffusion of my econometrics ideas. In particular, I did not know that these techniques were widely used in other disciplines. I found their approach very innovative and very interesting.

Details

Essays in Honor of Jerry Hausman
Type: Book
ISBN: 978-1-78190-308-7

To view the access options for this content please click here
Book part
Publication date: 30 July 1993

DAVID A. SCHKADE

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Contingent Valuation: A Critical Assessment
Type: Book
ISBN: 978-1-84950-860-5

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Abstract

Details

Contingent Valuation: A Critical Assessment
Type: Book
ISBN: 978-1-84950-860-5

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