Staff Paper No. 417 - Abstract
Estimation of a U.S. Dairy Sector Model by Maximum Simulated Likelihood
Thomas L. Cox [email@example.com]
Staff Paper No. 417, February 1999, 26p.
This paper estimates a multivariate Tobit system of monthly wholesale dairy prices where 4 prices are lower censored by the dairy price support program. Using Maximum Simulated Likelihood (MSL) we test/correct for the effects of simulation noise and discuss the relevance of estimating multivariate versus the single Tobit equations.
Last updated on Thu, Jun 2, 2005 11:03am