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 (Unpublished) https://resolver.caltech.edu/CaltechAUTHORS:20170831-142356533
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Abstract
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 |
| Persistent URL: | https://resolver.caltech.edu/CaltechAUTHORS:20170831-142356533 |
| Usage Policy: | No commercial reproduction, distribution, display or performance rights in this work are provided. |
| ID Code: | 81037 |
| Collection: | CaltechAUTHORS |
| Deposited By: | Jacquelyn Bussone |
| Deposited On: | 31 Aug 2017 22:36 |
| Last Modified: | 03 Oct 2019 18:37 |
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