QMLEQuasi-Maximum Likelihood Estimator
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Table 5 provides the results of the QMLE to take into account the bounded nature of the dependent variable ([Cover.
Comparing the coefficients of Premium/Quantity for the QMLE, we find again that the demand for terrorism insurance is significantly less price elastic (--0.
Table 5 Demand for Property and Terrorism Insurance--QMLE, Tobit, and IV-Tobit QMLE Property Terror Ln (TIV) -0.
Because QMLE is consistent even if the distribution is misspecified, QMLEs for different distributions should give similar estimates as long as the expected value of wages is correctly specified in terms of worker characteristics.
TABLE 4 Sensitivity of the Wage Differentials to Model (Percentage Difference in Without Controls (1) With Controls (2) Average Wages) QMLE with exponential conditional mean Poisson 36.
13) Our QMLE results yield the same conclusions--there are no significant minimum wage effects on training.
16) The QMLE results also indicate negative minimum wage effects only on the percentage of support staff and supervisors trained.
Figure 3 reports the results based on the QMLE of Robinson [1995a], such as [^.
The QMLE of the parameters are obtained by an analogous methodology to that described by Baillie, Bollerslev, and Mikkelsen (1996), where the likelihood function is maximized conditional on initial conditions and the presample values of [[epsilon].
The distributions of the QMLE of d and 5 for design (i) are shown in Figures 3 and 4, respectively, and for design (ii) they are graphed in Figures 5 and 6, respectively.
It is also based on the fact that the QMLE does not require one to employ any additional user-chosen numbers in the estimation (as is the case with the LPE and the APE).
Using the QMLE procedure, the results showed that the orders of integration of the series corresponding to Singapore and Thailand are strictly below 1, thus implying mean reversion and supporting the validation of the UIP for these two countries.