In this paper, we study the asymptotic normality of the conditional maximum likelihood (ML) estimators for the truncated regression model and the Tobit model. We show that under the general setting assumed in his book, the conjectures made by Hayashi (2000) 1 about the asymptotic normality of the conditional ML estimators for both models are true, namely, a sufficient condition is the nonsingul...

This paper investigates households’ portfolio choice behavior using a structural microeconometric approach obtained by extending the analysis in Fougère, Gouriéroux, Tiomo and Trognon (1997). I assume that households have mean variance expected utility and are forbidden to take short positions in the risky assets. If there are only two such assets, it is possible to derive a closed form solutio...

Absenteeism research has often been criticized for using inappropriate analysis. Characteristics of absence data, notably that it is usually truncated and skewed, violate assumptions of OLS regression; however, OLS and correlation analysis remain the dominant models of absenteeism research. This piece compares eight models that may be appropriate for analyzing absence data. Specifically, this p...

BACKGROUND Evidence is lacking on whether health guidance for metabolic syndrome reduces health care expenditures. The author used propensity-score matching to evaluate the effects of health guidance on health care expenditure. METHODS Men who did and did not receive health guidance from a health insurance society (approximately 60 000 covered lives) were matched (n = 397 respectively) using ...