Abstract This paper explores how remittances influence happiness among migrants and their househo... more Abstract This paper explores how remittances influence happiness among migrants and their households of origin. It is based on a novel data set of matched samples of Bangladeshi migrant households (living in the UK and Malaysia) and their origin families in Bangladesh. Empirical findings suggest that remittances play a significant role in stimulating migrants’ happiness. We also find that the households of origin’s life satisfaction not only depends on receiving remittances from the emigrants, but also other factors such as number of migrants from the household living abroad and the migrants’ country of destination.
We explore the empirical relationship between borrowing constraints and household financial portf... more We explore the empirical relationship between borrowing constraints and household financial portfolio allocation. To motivate our analysis we develop a mean-variance model of portfolio allocation with three tradable asset classes defined by increasing risk, and establish a link between borrowing restrictions and financial portfolio allocation at the household level. Under non-restrictive assumptions the proportion of wealth allocated to the medium-risk asset is ambiguous. We also demonstrate that in the presence of both correlated background risk and borrowing constraints the domain of the non-binding risk-return space will be a function of background risk. We then analyse the US Survey of Consumer Finances with a view to empirically exploring the predictions of our theoretical framework. The distribution of medium-risk assets in US households is remarkably similar to that for high-risk assets, and suggests the presence of a more general ‘risk puzzle’, which our proxies for borrowin...
This paper tries to identify the correlates of poverty in urban Eritrea using an estimation techn... more This paper tries to identify the correlates of poverty in urban Eritrea using an estimation technique (the DOGEV model) that also allows for the inclusion of a measure of “persistence ” in poverty levels from cross-sectional estimation. The results suggest that 17 percent of the probability of being moderately poor and 22 percent of the probability of being extremely poor in Eritrea was attributable to this “persistence”—a predisposition toward poverty likely due to latent attributes related to past experience of poverty itself. The results also suggest that, in the post-war economy of the mid-1990s, those with vocational training fared best among all education groups. Being a war veteran also had a strong negative association with the poverty—reflecting successful attempts to support that group. The receipt of remittances also reduced the likelihood of poverty; though receipts from outside Eritrea had a much stronger effect than receipts from within Eritrea. 1.
The extent to which what countries produce makes them 'compatible'to trade is an issue that has s... more The extent to which what countries produce makes them 'compatible'to trade is an issue that has so far eluded the popular Gravity framework of international exchange. E¤orts to account for exogenous sources of comparative advantage, via regressors such as per capita GDP, do not seem to adequately capture either differential technologies or di¤erential factor endowments across countries (see Melitz, European Econ. Review, 2007). At the same time, the recent …ndings of Debaere (Journal of Intern. Econ., 2005) suggest that reliance on a new trade theory jus-ti…cation for the model does not itself justify the presumption that the degree of specialization across countries is su¢ ciently uniform or pronounced to render them, ceteris paribus, equally trade compatible. To address this long-standing weakness of the Gravity model we introduce a dynamic speci…cation that relies on trade reciprocity to account for the extent to which the production pro…les of di¤erent countries are trade compatible. The model is estimated using an APEC panel of data for the years 1973 to 2000. Our results provide strong support for the view that the neglected measure of production pro…le compatibility plays a important role in the Gravity setting.
We explore the misuse of pharmaceutical drugs in the Australian workforce, focusing on whether an... more We explore the misuse of pharmaceutical drugs in the Australian workforce, focusing on whether any differences exist between workers in particular industries or occupations. In terms of industry, being employed in hospitality is positively associated with pharmaceutical drug misuse, while being employed in finance, insurance and retail is inversely related. In terms of occupation, we find that being a labourer is positively related to misuse of pharmaceutical drugs, while being employed in managerial, professional, sales, clerical or administrative roles is associated with a lower tendency. Further analysis of occupational effects revealed that being in a blue collar occupation, as a whole, is positively related to pharmaceutical drug misuse relative to white collar employment. Moreover, being employed in higher status roles is associated with a lower likelihood of such behaviour. Our findings imply that particular workplace pressures, cultural norms and/or working conditions might be influential factors behind workers' drug misuse.
We contribute to the small, but important, literature exploring the incidence and implications of... more We contribute to the small, but important, literature exploring the incidence and implications of mis-reporting in survey data. Specifically, when modelling ?social bads such as illegal drug consumption, researchers are often faced with exceptionally low reported participation rates. We propose a modelling framework where firstly an individual decides whether to participate or not and, secondly for participants there is a subsequent decision to mis-report or not. We explore misreporting in the context of the consumption of a system of drugs and specify a multivariate inflated probit model. Compared to observed participation rates of 12, 3 and 1.3% (for marijuana, speed and cocaine, respectively) true participation rates are estimated to be some 5 percentage points higher for marijuana, and nearly double for cocaine. There was an estimated 36% (18%) percent chance that a cocaine (marijuana) user would mis-report their participation. Less evidence of mis-reporting was found for speed users.
There have been significant recent advances in the estimation of labour supply models. Here the h... more There have been significant recent advances in the estimation of labour supply models. Here the hours continuum is split into a number of discrete options and the preferred choice obtained as the solution to a constrained utility maximisation problem. ...
This paper implements a panel data approach of the Solow model to study the phenomenon of growth ... more This paper implements a panel data approach of the Solow model to study the phenomenon of growth convergence for 22 OECD countries. It shows that although the derived estimable Solow model is probably underspecified from an econometric point of view, it is still possible to conclude that there is a likely convergence to a steady state of a rate about 2-4%.
The paper examines the eect of in‡ation on growth in transition countries. It presents panel data... more The paper examines the eect of in‡ation on growth in transition countries. It presents panel data evidence for 13 transition countries over the 1990-2003 period; it uses a …xed eects, full-information maximum likelihood, panel approach to account for possible bias from correlations among the unobserved eects and the observed country heterogeniety. The results …nd a strong, robust, negative eect of in‡ation on growth, and one that declines in magnitude as the in‡ation rate increases. These results include a role for a normalized money demand, by itself and as part of a nonlinearity in the in‡ation-growth eect. And these results derive from both a baseline single equation model and one that is then expanded into a three equation simultaneous system. This allows for possible simultaneity bias in the baseline model.
Diabetes research and clinical practice, Jan 9, 2018
We aimed to characterise use of general practitioners (GP) simultaneously across multiple attribu... more We aimed to characterise use of general practitioners (GP) simultaneously across multiple attributes in people with diabetes and examine its impact on diabetes related potentially preventable hospitalisations (PPHs). Five-years of panel data from 40,625 adults with diabetes were sourced from Western Australian administrative health records. Cluster analysis (CA) was used to group individuals with similar patterns of GP utilisation characterised by frequency and recency of services. The relationship between GP utilisation cluster and the risk of PPHs was examined using multivariable random-effects negative binomial regression. CA categorised GP utilisation into three clusters: moderate; high and very high usage, having distinct patient characteristics. After adjusting for potential confounders, the rate of PPHs was significantly lower across all GP usage clusters compared with those with no GP usage; IRR = 0.67 (95%CI: 0.62-0.71) among the moderate, IRR = 0.70 (95%CI 0.66-0.73) high ...
This paper employs a dynamic multinomial choice framework to provide new evidence on the effect o... more This paper employs a dynamic multinomial choice framework to provide new evidence on the effect of health on labour market transitions among older individuals. We consider retirement as a multi-state process and examine the effects of ill-health and health shocks on mobility between full-time employment, part-time employment, self-employment and inactivity. In order to disentangle the roles of unobserved individual heterogeneity and true state dependence, we estimate dynamic panel multinomial logit models with random effects, assuming a first order Markov process and accounting for the initial conditions problem. We also account for potential measurement error in the self-assessed health status by building a latent health stock model and employing measures of health shocks. Using data from the first nine waves of the (2001-2009) Household, Income and Labour Dynamics in Australia (HILDA) Survey, we find that both ill-health and health shocks greatly increase the probability of leaving full-time employment towards inactivity. We also find evidence of health-driven part-time and selfemployment paths into inactivity.
Recent advances in computing power have brought the use of computer intensive estimation methods ... more Recent advances in computing power have brought the use of computer intensive estimation methods of binary panel data models within the reach of the applied researcher. The aim of this paper is to apply some of these techniques to a marketing data set and compare the results. In addition, their small sample performance is examined via Monte Carlo simulation experiments. The first estimation technique used was maximum likelihood estimation of the cross section probit (ignoring heterogeneity). The remaining .techniques estimated the binary panel probit model using: standard maximum likelihood; the Solomon-Cox approximation to this likelihood and finally; the Gibbs sampler to obtain Bayesian estimates. The results suggested that, in most cases, standard maximum likelihood estimation of the binary panel probit model was the preferred technique primarily because it is readily available to applied practitioners. Although when the variance of the heterogeneity term is small, the computatio...
Anchoring vignettes have been proposed as a way to correct for differential item functioning when... more Anchoring vignettes have been proposed as a way to correct for differential item functioning when individuals self-assess their health, or other aspects of their circumstances on an ordered categorical scale. The model relies on two key underlying assumptions of response consistency and vignette equivalence. Adopting a modified specification of the boundary equations in the compound hierarchical ordered probit model this paper develops joint and separate tests of these assumptions based on a score approach. Monte Carlo simulations show that the tests have good size and power properties in finite samples. We provide an application of the test to data from the Survey of Health, Aging and Retirement in Europe (SHARE, using self-reported data on pain. The tests are easy to implement, only requiring estimation of the restricted model under the null hypothesis.
Latent class, or …nite mixture, modelling has proved a very popular, and relatively easy, way of ... more Latent class, or …nite mixture, modelling has proved a very popular, and relatively easy, way of introducing much-needed heterogeneity into empirical models right across the social sciences. The technique involves (probabilistically) splitting the population into a …nite number of (relatively homogeneous) classes, or types. Within each of these, typically, the same statistical model applies, although these are characterised by di¤ering parameters of that distribution. In this way, the same explanatory variables can have di¤ering e¤ects across the classes, for example. A priori, nothing is known about the behaviours within each class; but ex post, researchers invariably label the classes according to expected values, however de…ned, within each class. Here we propose a simple, yet e¤ective, way of parameterising both the class probabilities and the statistical representation of behaviours within each class, that simultaneously preserves the ranking of such according to class-speci…c expected values and which yields a parsimonious representation of the class probabilities.
This study focuses on the determinants of cigarette consumption. In
particular, the impact of ci... more This study focuses on the determinants of cigarette consumption. In
particular, the impact of cigarette pack sizes on the typical daily
consumption of smokers is investigated. Results are presented from a
new multi-modal count data model which allows for ‘pack-effects’ in daily
consumption levels. Our results suggest that smokers regulate their
consumption in accordance with the variety of pack sizes that are available
to them.
We make a methodological contribution to the latent class literature by reexamining censored vari... more We make a methodological contribution to the latent class literature by reexamining censored variable analysis within a panel data context. Specifically, we extend the standard latent class tobit panel approach to include random effects, to allow for heteroskedasticity and to incorporate the inverse hyperbolic sine (IHS) transformation of the dependent variable. The IHS transformation ensures robustness to non-normality in the original (untransformed) dependent variable. We then use this framework to model charitable donations, an interesting application given the potential for divergent groups of individuals in the population with regard to their donating behaviour, which we uncover by a latent class approach. Our findings, which are based on U.S. panel data drawn from five waves of the Panel Study of Income Dynamics, do suggest two distinct classes. There is a clear disparity between the probabilities of zero donations across these classes, with one class dominated by the observed zero givers and associated with relatively low levels of predicted giving. We find clear evidence of both heteroskedasticity and random effects. All IHS parameters were significantly different from zero and different across classes. In combination, these findings endorse the importance of our three modelling extensions.
Journal of the Royal Statistical Society: Series A (Statistics in Society), 2006
We consider three broad types of employment contract vis, self-employment, PRP, and fixed wage em... more We consider three broad types of employment contract vis, self-employment, PRP, and fixed wage employment. We focus on the implied degree of income risk associated with each type of employment contract, arguing that such risk falls as we move from self-employment at one extreme to fixed wage employment at the other. We investigate the possibility that there is a systematic relationship between employment within a particular contract type and risk preference as proxied by expenditure on risky goods and goods associated with risk averse behaviour. A typical question might be: 'do self-employed individuals attempt to compensate for the relatively high level of income risk they face by reducing their expenditure on relatively risky goods? Or, do such individuals have a taste for risk which they express in both their working and non-working life?' Our empirical analysis, based on pooled cross-section data drawn from the British Family Expenditure Survey 1997-2000, provides evidence of a systematic relationship between employment contract type and risk preference, with, for example, self-employed workers being more (less) likely to engage in the consumption of "risky" (financial security) products. The results are based the Ordered Generalized Extreme Values model (OGEV), a relatively infrequently used discrete choice model, which importantly allows for ordering and correlation in the observed alternatives.
Abstract This paper explores how remittances influence happiness among migrants and their househo... more Abstract This paper explores how remittances influence happiness among migrants and their households of origin. It is based on a novel data set of matched samples of Bangladeshi migrant households (living in the UK and Malaysia) and their origin families in Bangladesh. Empirical findings suggest that remittances play a significant role in stimulating migrants’ happiness. We also find that the households of origin’s life satisfaction not only depends on receiving remittances from the emigrants, but also other factors such as number of migrants from the household living abroad and the migrants’ country of destination.
We explore the empirical relationship between borrowing constraints and household financial portf... more We explore the empirical relationship between borrowing constraints and household financial portfolio allocation. To motivate our analysis we develop a mean-variance model of portfolio allocation with three tradable asset classes defined by increasing risk, and establish a link between borrowing restrictions and financial portfolio allocation at the household level. Under non-restrictive assumptions the proportion of wealth allocated to the medium-risk asset is ambiguous. We also demonstrate that in the presence of both correlated background risk and borrowing constraints the domain of the non-binding risk-return space will be a function of background risk. We then analyse the US Survey of Consumer Finances with a view to empirically exploring the predictions of our theoretical framework. The distribution of medium-risk assets in US households is remarkably similar to that for high-risk assets, and suggests the presence of a more general ‘risk puzzle’, which our proxies for borrowin...
This paper tries to identify the correlates of poverty in urban Eritrea using an estimation techn... more This paper tries to identify the correlates of poverty in urban Eritrea using an estimation technique (the DOGEV model) that also allows for the inclusion of a measure of “persistence ” in poverty levels from cross-sectional estimation. The results suggest that 17 percent of the probability of being moderately poor and 22 percent of the probability of being extremely poor in Eritrea was attributable to this “persistence”—a predisposition toward poverty likely due to latent attributes related to past experience of poverty itself. The results also suggest that, in the post-war economy of the mid-1990s, those with vocational training fared best among all education groups. Being a war veteran also had a strong negative association with the poverty—reflecting successful attempts to support that group. The receipt of remittances also reduced the likelihood of poverty; though receipts from outside Eritrea had a much stronger effect than receipts from within Eritrea. 1.
The extent to which what countries produce makes them 'compatible'to trade is an issue that has s... more The extent to which what countries produce makes them 'compatible'to trade is an issue that has so far eluded the popular Gravity framework of international exchange. E¤orts to account for exogenous sources of comparative advantage, via regressors such as per capita GDP, do not seem to adequately capture either differential technologies or di¤erential factor endowments across countries (see Melitz, European Econ. Review, 2007). At the same time, the recent …ndings of Debaere (Journal of Intern. Econ., 2005) suggest that reliance on a new trade theory jus-ti…cation for the model does not itself justify the presumption that the degree of specialization across countries is su¢ ciently uniform or pronounced to render them, ceteris paribus, equally trade compatible. To address this long-standing weakness of the Gravity model we introduce a dynamic speci…cation that relies on trade reciprocity to account for the extent to which the production pro…les of di¤erent countries are trade compatible. The model is estimated using an APEC panel of data for the years 1973 to 2000. Our results provide strong support for the view that the neglected measure of production pro…le compatibility plays a important role in the Gravity setting.
We explore the misuse of pharmaceutical drugs in the Australian workforce, focusing on whether an... more We explore the misuse of pharmaceutical drugs in the Australian workforce, focusing on whether any differences exist between workers in particular industries or occupations. In terms of industry, being employed in hospitality is positively associated with pharmaceutical drug misuse, while being employed in finance, insurance and retail is inversely related. In terms of occupation, we find that being a labourer is positively related to misuse of pharmaceutical drugs, while being employed in managerial, professional, sales, clerical or administrative roles is associated with a lower tendency. Further analysis of occupational effects revealed that being in a blue collar occupation, as a whole, is positively related to pharmaceutical drug misuse relative to white collar employment. Moreover, being employed in higher status roles is associated with a lower likelihood of such behaviour. Our findings imply that particular workplace pressures, cultural norms and/or working conditions might be influential factors behind workers' drug misuse.
We contribute to the small, but important, literature exploring the incidence and implications of... more We contribute to the small, but important, literature exploring the incidence and implications of mis-reporting in survey data. Specifically, when modelling ?social bads such as illegal drug consumption, researchers are often faced with exceptionally low reported participation rates. We propose a modelling framework where firstly an individual decides whether to participate or not and, secondly for participants there is a subsequent decision to mis-report or not. We explore misreporting in the context of the consumption of a system of drugs and specify a multivariate inflated probit model. Compared to observed participation rates of 12, 3 and 1.3% (for marijuana, speed and cocaine, respectively) true participation rates are estimated to be some 5 percentage points higher for marijuana, and nearly double for cocaine. There was an estimated 36% (18%) percent chance that a cocaine (marijuana) user would mis-report their participation. Less evidence of mis-reporting was found for speed users.
There have been significant recent advances in the estimation of labour supply models. Here the h... more There have been significant recent advances in the estimation of labour supply models. Here the hours continuum is split into a number of discrete options and the preferred choice obtained as the solution to a constrained utility maximisation problem. ...
This paper implements a panel data approach of the Solow model to study the phenomenon of growth ... more This paper implements a panel data approach of the Solow model to study the phenomenon of growth convergence for 22 OECD countries. It shows that although the derived estimable Solow model is probably underspecified from an econometric point of view, it is still possible to conclude that there is a likely convergence to a steady state of a rate about 2-4%.
The paper examines the eect of in‡ation on growth in transition countries. It presents panel data... more The paper examines the eect of in‡ation on growth in transition countries. It presents panel data evidence for 13 transition countries over the 1990-2003 period; it uses a …xed eects, full-information maximum likelihood, panel approach to account for possible bias from correlations among the unobserved eects and the observed country heterogeniety. The results …nd a strong, robust, negative eect of in‡ation on growth, and one that declines in magnitude as the in‡ation rate increases. These results include a role for a normalized money demand, by itself and as part of a nonlinearity in the in‡ation-growth eect. And these results derive from both a baseline single equation model and one that is then expanded into a three equation simultaneous system. This allows for possible simultaneity bias in the baseline model.
Diabetes research and clinical practice, Jan 9, 2018
We aimed to characterise use of general practitioners (GP) simultaneously across multiple attribu... more We aimed to characterise use of general practitioners (GP) simultaneously across multiple attributes in people with diabetes and examine its impact on diabetes related potentially preventable hospitalisations (PPHs). Five-years of panel data from 40,625 adults with diabetes were sourced from Western Australian administrative health records. Cluster analysis (CA) was used to group individuals with similar patterns of GP utilisation characterised by frequency and recency of services. The relationship between GP utilisation cluster and the risk of PPHs was examined using multivariable random-effects negative binomial regression. CA categorised GP utilisation into three clusters: moderate; high and very high usage, having distinct patient characteristics. After adjusting for potential confounders, the rate of PPHs was significantly lower across all GP usage clusters compared with those with no GP usage; IRR = 0.67 (95%CI: 0.62-0.71) among the moderate, IRR = 0.70 (95%CI 0.66-0.73) high ...
This paper employs a dynamic multinomial choice framework to provide new evidence on the effect o... more This paper employs a dynamic multinomial choice framework to provide new evidence on the effect of health on labour market transitions among older individuals. We consider retirement as a multi-state process and examine the effects of ill-health and health shocks on mobility between full-time employment, part-time employment, self-employment and inactivity. In order to disentangle the roles of unobserved individual heterogeneity and true state dependence, we estimate dynamic panel multinomial logit models with random effects, assuming a first order Markov process and accounting for the initial conditions problem. We also account for potential measurement error in the self-assessed health status by building a latent health stock model and employing measures of health shocks. Using data from the first nine waves of the (2001-2009) Household, Income and Labour Dynamics in Australia (HILDA) Survey, we find that both ill-health and health shocks greatly increase the probability of leaving full-time employment towards inactivity. We also find evidence of health-driven part-time and selfemployment paths into inactivity.
Recent advances in computing power have brought the use of computer intensive estimation methods ... more Recent advances in computing power have brought the use of computer intensive estimation methods of binary panel data models within the reach of the applied researcher. The aim of this paper is to apply some of these techniques to a marketing data set and compare the results. In addition, their small sample performance is examined via Monte Carlo simulation experiments. The first estimation technique used was maximum likelihood estimation of the cross section probit (ignoring heterogeneity). The remaining .techniques estimated the binary panel probit model using: standard maximum likelihood; the Solomon-Cox approximation to this likelihood and finally; the Gibbs sampler to obtain Bayesian estimates. The results suggested that, in most cases, standard maximum likelihood estimation of the binary panel probit model was the preferred technique primarily because it is readily available to applied practitioners. Although when the variance of the heterogeneity term is small, the computatio...
Anchoring vignettes have been proposed as a way to correct for differential item functioning when... more Anchoring vignettes have been proposed as a way to correct for differential item functioning when individuals self-assess their health, or other aspects of their circumstances on an ordered categorical scale. The model relies on two key underlying assumptions of response consistency and vignette equivalence. Adopting a modified specification of the boundary equations in the compound hierarchical ordered probit model this paper develops joint and separate tests of these assumptions based on a score approach. Monte Carlo simulations show that the tests have good size and power properties in finite samples. We provide an application of the test to data from the Survey of Health, Aging and Retirement in Europe (SHARE, using self-reported data on pain. The tests are easy to implement, only requiring estimation of the restricted model under the null hypothesis.
Latent class, or …nite mixture, modelling has proved a very popular, and relatively easy, way of ... more Latent class, or …nite mixture, modelling has proved a very popular, and relatively easy, way of introducing much-needed heterogeneity into empirical models right across the social sciences. The technique involves (probabilistically) splitting the population into a …nite number of (relatively homogeneous) classes, or types. Within each of these, typically, the same statistical model applies, although these are characterised by di¤ering parameters of that distribution. In this way, the same explanatory variables can have di¤ering e¤ects across the classes, for example. A priori, nothing is known about the behaviours within each class; but ex post, researchers invariably label the classes according to expected values, however de…ned, within each class. Here we propose a simple, yet e¤ective, way of parameterising both the class probabilities and the statistical representation of behaviours within each class, that simultaneously preserves the ranking of such according to class-speci…c expected values and which yields a parsimonious representation of the class probabilities.
This study focuses on the determinants of cigarette consumption. In
particular, the impact of ci... more This study focuses on the determinants of cigarette consumption. In
particular, the impact of cigarette pack sizes on the typical daily
consumption of smokers is investigated. Results are presented from a
new multi-modal count data model which allows for ‘pack-effects’ in daily
consumption levels. Our results suggest that smokers regulate their
consumption in accordance with the variety of pack sizes that are available
to them.
We make a methodological contribution to the latent class literature by reexamining censored vari... more We make a methodological contribution to the latent class literature by reexamining censored variable analysis within a panel data context. Specifically, we extend the standard latent class tobit panel approach to include random effects, to allow for heteroskedasticity and to incorporate the inverse hyperbolic sine (IHS) transformation of the dependent variable. The IHS transformation ensures robustness to non-normality in the original (untransformed) dependent variable. We then use this framework to model charitable donations, an interesting application given the potential for divergent groups of individuals in the population with regard to their donating behaviour, which we uncover by a latent class approach. Our findings, which are based on U.S. panel data drawn from five waves of the Panel Study of Income Dynamics, do suggest two distinct classes. There is a clear disparity between the probabilities of zero donations across these classes, with one class dominated by the observed zero givers and associated with relatively low levels of predicted giving. We find clear evidence of both heteroskedasticity and random effects. All IHS parameters were significantly different from zero and different across classes. In combination, these findings endorse the importance of our three modelling extensions.
Journal of the Royal Statistical Society: Series A (Statistics in Society), 2006
We consider three broad types of employment contract vis, self-employment, PRP, and fixed wage em... more We consider three broad types of employment contract vis, self-employment, PRP, and fixed wage employment. We focus on the implied degree of income risk associated with each type of employment contract, arguing that such risk falls as we move from self-employment at one extreme to fixed wage employment at the other. We investigate the possibility that there is a systematic relationship between employment within a particular contract type and risk preference as proxied by expenditure on risky goods and goods associated with risk averse behaviour. A typical question might be: 'do self-employed individuals attempt to compensate for the relatively high level of income risk they face by reducing their expenditure on relatively risky goods? Or, do such individuals have a taste for risk which they express in both their working and non-working life?' Our empirical analysis, based on pooled cross-section data drawn from the British Family Expenditure Survey 1997-2000, provides evidence of a systematic relationship between employment contract type and risk preference, with, for example, self-employed workers being more (less) likely to engage in the consumption of "risky" (financial security) products. The results are based the Ordered Generalized Extreme Values model (OGEV), a relatively infrequently used discrete choice model, which importantly allows for ordering and correlation in the observed alternatives.
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Papers by Mark Harris
particular, the impact of cigarette pack sizes on the typical daily
consumption of smokers is investigated. Results are presented from a
new multi-modal count data model which allows for ‘pack-effects’ in daily
consumption levels. Our results suggest that smokers regulate their
consumption in accordance with the variety of pack sizes that are available
to them.
particular, the impact of cigarette pack sizes on the typical daily
consumption of smokers is investigated. Results are presented from a
new multi-modal count data model which allows for ‘pack-effects’ in daily
consumption levels. Our results suggest that smokers regulate their
consumption in accordance with the variety of pack sizes that are available
to them.