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dc.contributor.authorPoen, Evaen
dc.date.accessioned2011-09-26T13:24:12Z-
dc.date.available2011-09-26T13:24:12Z-
dc.date.issued2009-
dc.identifier.urihttp://hdl.handle.net/10419/49679-
dc.description.abstractWe study a random effects censored regression model in the context of repeated games. Introducing a feedback variable into the model leads to violation of the strict exogeneity assumption, thus rendering the random effects estimator inconsistent. Using the example of contributions to a public good, we investigate the size of this bias in a Monte-Carlo study. We find that the magnitude of the bias is around one per cent when initial values and individual effects are correlated. The rate of censoring, as well as the size of the groups in which subjects interact, both have an effect on the magnitude of the bias. The coefficients of strictly exogenous, continuous regressors remain unaffected by the endogeneity bias. The size of the endogeneity bias in our model is very small compared to the size of the heterogeneity bias, which occurs when individual heterogeneity is not accounted for in estimation of nonlinear models.en
dc.language.isoengen
dc.publisher|aThe University of Nottingham, Centre for Decision Research and Experimental Economics (CeDEx) |cNottinghamen
dc.relation.ispartofseries|aCeDEx Discussion Paper Series |x2009-14en
dc.subject.jelC15en
dc.subject.jelC24en
dc.subject.jelC92en
dc.subject.ddc330en
dc.subject.keywordMonte-Carloen
dc.subject.keywordsimulationen
dc.subject.keywordrandom effectsen
dc.subject.keywordcensored regression modelen
dc.subject.keywordpublic goodsen
dc.subject.keywordheterogeneityen
dc.subject.keywordendogeneityen
dc.subject.stwÖffentliches Guten
dc.subject.stwRegressionen
dc.subject.stwSpieltheorieen
dc.subject.stwTobit-Modellen
dc.titleThe tobit model with feedback and random effects: A Monte-Carlo study-
dc.typeWorking Paperen
dc.identifier.ppn604464290en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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