Consistent Estimates Based on Partially Consistent Observations

Neyman, Jerzy; Scott, Eugenie C.

doi:10.2307/1914288

Cited by 2,276 publications

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“…a fixed effects model with dummy country-specific variables. Note that, in addition, this model, with a fixed number of countries and regions, may have led us into the classic incidental-parameters problem (Neyman and Scott, 1948 Table 3. Country-specific income elasticity and (unweighted) within-country variation.…”

Section: Resultsmentioning

confidence: 99%

A multilevel analysis on the determinants of regional health care expenditure: a note

Casasnovas

Sáez

2006

Eur J Health Econ

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The interest in the factors involved in rising health care expenditure has created a third generation industry which is exploring data and econometric issues (see Gerdtham and Jönsson, 2000). However a common element missing from research, even in Gerdtham and Jönsson's agenda, is a consideration of the regional composition within the national health expenditure figures. An aggregation fallacy in estimating the income elasticity of health expenditure may therefore result from it.In order to study this, we have applied a multilevel hierarchical model using data for 110 regions in eight OECD countries in 1997: Australia, Canada, France, Germany, Italy, Spain, Sweden and United Kingdom. In doing this we have tried to identify two sources of random variation: within countries and betweencountries. The basic purpose is to find out if the different relationships between health care spending and the explanatory variables are country-specific. Our results show that: 1-Variability between countries amounts to (SD) 0.5433, and just 13% of that can be attributed to income elasticity and the remaining 87% to autonomous health expenditure; 2-Within countries, variability amounts to (SD) 1.0249; and 3-The intra-class correlation is 0.5300. We conclude that we have to take into account the degree of fiscal decentralisation within countries in estimating income elasticity of health expenditure. Two reasons lie behind this: a) where there is decentralisation to the regions, policies aimed at emulating diversity tend to increase national health care expenditure; and b) without fiscal decentralisation, central monitoring of finance tends to reduce regional diversity and therefore decrease national health expenditure. The results do seem to validate both these points.

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Section: Resultsmentioning

confidence: 99%

A multilevel analysis on the determinants of regional health care expenditure: a note

Casasnovas

Sáez

2006

Eur J Health Econ

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“…52 All non-binary explanatory variables aside from the time trend are converted to a log scale -by adding one and then taking the natural log -prior to inclusion in the regression. While many of our explanatory variables are binary dummies, each represents a broad category, not the identity of an individual issuer or bidder, so we are not concerned about the incidental parameters problem noted by Neyman and Scott (1948). 53 See Wooldridge (2002), Chapter 15.…”

Section: Resultsmentioning

confidence: 99%

“…Auction-like mechanisms were introduced in Paris around 1801 for public debt (Hautcoeur and Riva 2011), and in Berlin later in the nineteenth century for stocks (Burhop and Gelman 2011). 57 The open outcry system in the Amsterdam Exchange was most likely adopted in the 1830s. 58 On the other hand, the use of Anglo-Dutch premium auctions in the Amsterdam securities market declined by the late 1800s, apparently vanishing around 1900.…”

Section: Resultsmentioning

confidence: 99%

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Anglo-Dutch Premium Auctions in Eighteenth-Century Amsterdam

Boerner

Bochove²,

Quint

2012

SSRN Journal

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Abstract. An Anglo-Dutch premium auction consists of an English auction followed by a Dutch auction, with a cash premium paid to the winner of the first round.We study such auctions used in the secondary debt market in eighteenth-centuryAmsterdam. This was among the first uses of auctions, or any structured marketclearing mechanism, in a financial market. We find that this market presented two distinct challenges -generating competition and aggregating information. We argue that the Anglo-Dutch premium auction is particularly well-suited to do both.Modeling equilibrium play theoretically, we predict a positive relationship between the uncertainty in a security's value and the likelihood of a second-round bid. Analyzing data on 16,854 securities sold in the late 1700s, we find empirical support for this prediction. This suggests that bidding behavior may have been consistent with (non-cooperative) equilibrium play, and therefore that these auctions were successful at generating competition. We also find evidence suggesting that these auctions succeeded at aggregating information. Thus, the Anglo-Dutch premium auction appears to have been an effective solution to a complex early market design problem.JEL Classification: D44, N23

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“…Estimation based on the likelihood (3) leads to inconsistent estimates (Neyman & Scott, 1948). For this reason, either marginal maximum likelihood (MML) estimation (Bock & Aitkin, 1981;Thissen, 1982;Zwinderman & van den Wollenberg, 1990), or in the special case of Rasch models conditional maximum likelihood (CML) estimation (Andersen, 1973) can be used.…”

Section: The 2pl Modelmentioning

confidence: 99%

Modeling local dependence in longitudinal IRT models

Olsbjerg

2015

Behav Res

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Measuring change in a latent variable over time is often done using the same instrument at several time points. This can lead to dependence between responses across time points for the same person yielding within person correlations that are stronger than what can be attributed to the latent variable. Ignoring this can lead to biased estimates of changes in the latent variable. In this paper we propose a method for modeling local dependence in the longitudinal 2PL model. It is based on the concept of item splitting, and makes it possible to correctly estimate change in the latent variable.

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Consistent Estimates Based on Partially Consistent Observations

Cited by 2,276 publications

References 8 publications

A multilevel analysis on the determinants of regional health care expenditure: a note

A multilevel analysis on the determinants of regional health care expenditure: a note

Anglo-Dutch Premium Auctions in Eighteenth-Century Amsterdam

Modeling local dependence in longitudinal IRT models

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