Published January 1991
| Version Submitted
Working Paper
Open
Welfare Economics for Tobit Models
Creators
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.
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.Attached Files
Submitted - sswp753.pdf
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sswp753.pdf
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Additional details
Identifiers
- Eprint ID
- 81037
- Resolver ID
- CaltechAUTHORS:20170831-142356533
Dates
- Created
-
2017-08-31Created from EPrint's datestamp field
- Updated
-
2019-10-03Created from EPrint's last_modified field
Caltech Custom Metadata
- Caltech groups
- Social Science Working Papers
- Series Name
- Social Science Working Paper
- Series Volume or Issue Number
- 753