Chapter 51 Structural estimation of markov decision processes

摘要: Publisher Summary This chapter summarizes the ability of models to track shift in departure rates induced by 1982 window plan. All forecasts were based on estimated utility function parameters using data prior 1982. Using these parameters, predictions generated from all four after incorporating extra bonus provisions The structural generally able accurately predict large increase plan, although once again none was capture peak at age 65. On other hand, reduced-form probit model predicted that plan had essentially no effect rates. Other specifications greatly overpredicted under