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Measuring welfare effects in models with random coefficients

✍ Scribed by Erik Meijer; Jan Rouwendal

Publisher: John Wiley and Sons
Year: 2006
Tongue: English
Weight: 150 KB
Volume: 21
Category: Article
ISSN: 0883-7252
DOI: 10.1002/jae.841

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✦ Synopsis

Abstract

In economic research, it is often important to express the marginal value of a variable in monetary terms. In random coefficient models, this marginal monetary value is the ratio of two random coefficients and is thus random itself. In this paper, we study the distribution of this ratio and particularly the consequences of different distributional assumptions about the coefficients. It is shown that important characteristics of the distribution of the marginal monetary value may be sensitive to the distributional assumptions about the random coefficients. The median, however, is much less sensitive than the mean. Copyright © 2006 John Wiley & Sons, Ltd.

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