A limited dependent variable model under median rationality

Myoung Jae Lee

doi:10.1016/s0165-1765(97)00033-5

A limited dependent variable model under median rationality

Myoung Jae Lee

Research output: Journal Publication › Article › peer-review

1 Citation (Scopus)

Abstract

A bounded-price-variation model where an expectation of a censored endogenous variable appears is examined under the assumption that the expectation is the conditional median, not the conditional mean. The conditional median leads to a simple and intuitive closed form solution for the expectation and relaxes parametric assumptions used in the literature considerably.

Original language	English
Pages (from-to)	221-225
Number of pages	5
Journal	Economics Letters
Volume	54
Issue number	3
DOIs	https://doi.org/10.1016/s0165-1765(97)00033-5
Publication status	Published - Jul 1997
Externally published	Yes

Keywords

Censored variable
Median
Rational expectation
Semiparametrics

ASJC Scopus subject areas

Finance
Economics and Econometrics

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10.1016/s0165-1765(97)00033-5

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title = "A limited dependent variable model under median rationality",

abstract = "A bounded-price-variation model where an expectation of a censored endogenous variable appears is examined under the assumption that the expectation is the conditional median, not the conditional mean. The conditional median leads to a simple and intuitive closed form solution for the expectation and relaxes parametric assumptions used in the literature considerably.",

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year = "1997",

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AB - A bounded-price-variation model where an expectation of a censored endogenous variable appears is examined under the assumption that the expectation is the conditional median, not the conditional mean. The conditional median leads to a simple and intuitive closed form solution for the expectation and relaxes parametric assumptions used in the literature considerably.

KW - Censored variable

KW - Median

KW - Rational expectation

KW - Semiparametrics

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U2 - 10.1016/s0165-1765(97)00033-5

DO - 10.1016/s0165-1765(97)00033-5

M3 - Article

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VL - 54

SP - 221

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JO - Economics Letters

JF - Economics Letters

IS - 3

ER -

A limited dependent variable model under median rationality

Abstract

Keywords

ASJC Scopus subject areas

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