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Welfare Economics for Tobit Models

Dubin, Jeffrey A. and Wilden, Louis L. (1991) Welfare Economics for Tobit Models. Social Science Working Paper, 753. California Institute of Technology , Pasadena, CA. (Unpublished)

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In this paper we demonstrate the correct calculation of consumer surplus in censored and truncated regression models, focusing on Tobit models. We review a variety of examples from the literature and isolate the nature of the bias associated with the incorrect calculation of consumer surplus in several of them.

Item Type:Report or Paper (Working Paper)
Additional Information:The authors gratefully acknowledge research support from the Environmental Quality Laboratory at the California Institute of Technology and from Putnam, Hayes, and Bartlett, Inc. Helpful comments made by Charlie Cicchetti and David Grether on an earlier draft are gratefully acknowledged.
Group:Social Science Working Papers
Series Name:Social Science Working Paper
Issue or Number:753
Record Number:CaltechAUTHORS:20170831-142356533
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Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:81037
Deposited By: Jacquelyn Bussone
Deposited On:31 Aug 2017 22:36
Last Modified:03 Oct 2019 18:37

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