On the diminishing returns of higher-order terms in asymptotic expansions of bias

On environmental impacts of market-based reforms: Evidence from the European and Central Asian transition economies

“…Kiviet (1995) that produced the lowest Root Mean Square Error (RMSE) for panels of all sizes (Bun and Kiviet, 2003) devised a bias-corrected LSDV estimator applicable only for a balanced panel.…”

Abatement and Allocation in the Pilot Phase of the EU ETS

“…Instrumental variable (IV) and General Method of Moments (GMM) dynamic panel estimators as proposed in Anderson and Hsiao (1982), Arellano and Bond (1991) and Blundell and Bond (1998) are also considered, but LSDVC techniques are preferred as IV and GMM estimator properties hold for data sets with large N , but can be severely biased and imprecise in panel data with a small number of cross-sectional units (Bruno, 2005a). Judson and Owen (1999) and Bun and Kiviet (2003) also prove the virtues of least square dummy variable (LSDV) estimation in small N panels that are common in macroeconomic studies, but only for the case of balanced panel data sets. Bruno's (2005b) LSDVC estimator is adapted for the case of unbalanced panels and is deemed the most appropriate estimation technique given the characteristics of our data set.…”

Approximating the bias of the LSDV estimator for dynamic unbalanced panel data models

“…Our Monte Carlo experiments closely follows Kiviet (1995) and Bun and Kiviet (2003), with the difference that a strictly exogenous selection rule is included.…”

“…This paper extends the bias approximation formulas in Bun and Kiviet (2003) to accommodate unbalanced panels with a strictly exogenous selection rule. Monte…”

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AbstractThis paper extends the LSDV bias approximations in Bun and Kiviet (2003) to unbalanced panels. The approximations are obtained by modifying the within operator to accommodate the dynamic selection rule.

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