Estimation of a US dairy sector model by maximum simulated likelihood

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This paper estimates a multivariate Tobit system of monthly wholesale dairy prices where four prices are lower censored by the dairy price support programme. Using Maximum Simulated Likelihood (MSL) the effects of simulation noise are tested/corrected for and the relevance of estimating multivariate versus the single Tobit equations discussed.

Document Type: Research Article


Publication date: July 20, 2001

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