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Title: New Methods for Analyzing Structural Models of Labor Force Dynamics
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Flinn, Christopher Jay Heckman, James J. |
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New Methods for Analyzing Structural Models of Labor Force Dynamics Journal of Econometrics 18,1 (January 1982): 115-168. Also: http://www.sciencedirect.com/science/article/pii/0304407682900975 Cohort(s): Young Men Publisher: Elsevier Keyword(s): Labor Force Participation; Labor Turnover; Unemployment; Work Histories New econometric methods are presented for the analysis of labor force dynamics. The economic models discussed assume that rational agents make choices about their employment and labor force activity in the presence of uncertainty about fundamental aspects of their labor market environment. The economic theory of decision-making under uncertainty is used to produce three econometric models of dynamic discrete choice: 1. for a single spell of unemployment, 2. for an equilibrium 2-state model of employment and non-employment, and 3. for a general 3-state model with a non-market sector. A fundamental condition required in this analysis is a recoverability condition that is implicit in all econometric analyses of truncated data. This condition must be fulfilled in order to recover an untruncated distribution from a truncated distribution with a known point of truncation. A recoverability condition will be fulfilled only if the untruncated distribution is assumed to belong to a parametric family. Most econometric models for the analysis of truncated data are non-parametrically underidentified, and the structural estimators often violate standard regularity conditions. The standard asymptotic theory is altered to explain this crucial characteristic of many structural models of labor force dynamics. [ABI/Inform] |
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Bibliography Citation
Flinn, Christopher Jay and James J. Heckman. "New Methods for Analyzing Structural Models of Labor Force Dynamics." Journal of Econometrics 18,1 (January 1982): 115-168.
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