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SUMMARY; CHARSET=UTF-8 :Professor Michael Burton - Model invariance when estimating random parameters with categorical variables
UID:exeter_event_8809
URL:http://www.exeter.ac.uk/events/details/?event=8809
DTSTART;VALUE=DATE:20181207T100000
DTEND;VALUE=DATE:20181207T110000
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ATTACH: http://www.exeter.ac.uk/events/details/?event=8809
DTSTAMP:20181129T111316
LOCATION:Forum Exploration Lab 1
DESCRIPTION; CHARSET=UTF-8 :This research shows that econometric models that include categorical variables are not invariant to choice of ‘base’ category when random parameters are estimated, unless they are allowed to be correlated. We show that the lack of invariance can lead to significant increases in Type I errors, and a misrepresentation of the preferences of
respondents. We hypothesis that these biases may influence the economic policy implications of published models that contain this error, which we show in two empirical applications. However, it is impossible to identify the degree of the error in the many published papers we identify that contain this effect, without re-estimating the models correctly.
http://www.exeter.ac.uk/events/details/?event=8809
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