The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Panel Data and Unobservable Individual Effects
Abstract
Abstract An important purpose in pooling time-series and cross-section data is to control for individual-specific unobservable effects which may be correlated with other explanatory variables, e.g. latent ability in measuring returns to schooling in earnings equations or managerial ability in measuring returns to scale in firm cost functions. Using instrumental variables and the time-invariant characteristics of the latent variable, we derive: 1. (1) a test for the presence of this effect and for the over-identifying restriction we use; 2. (2) necessary and sufficient conditions for identification of all the parameters in the model; and 3. (3) the asymptotically efficient instrumental variables estimator and conditions under which it differs from the within-groups estimator. We calculate efficient estimates of a wage equation from the Michigan income dynamics data which indicate substantial differences from within-groups and Balestra-Nerlove estimates — particularly a significantly higher estimate of the returns to schooling.
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Citations
Cites
Specification Tests in Econometrics
Hausman, J. A. (1978) · Econometrica · doi:10.2307/1913827 · Cited by 18,820
Self-citation
Cited by
Another look at the instrumental variable estimation of error-components models
Arellano, M., & Bover, O. (1995) · Journal of Econometrics · doi:10.1016/0304-4076(94)01642-d · Cited by 19,880
Econometric Analysis of Panel Data
Baltagi, B. H. (2021) · Springer Texts in Business and Economics · doi:10.1007/978-3-030-53953-5 · Cited by 15,104
Using Online Conversations to Study Word-of-Mouth Communication
Godes, D., & Mayzlin, D. (2004) · Marketing Science · doi:10.1287/mksc.1040.0071 · Cited by 2,601
On making causal claims: A review and recommendations
Antonakis, J., Bendahan, S., Jacquart, P., & Lalive, R. (2010) · The Leadership Quarterly · doi:10.1016/j.leaqua.2010.10.010 · Cited by 2,441
Empirical Strategies in Labor Economics
Angrist, J. D., & Krueger, A. B. (1999) · Handbook of Labor Economics · doi:10.1016/s1573-4463(99)03004-7 · Cited by 1,628
Metadata
- Authors
- Hausman, J. A., & Taylor, W. E.
- Venue
- Econometrica
- Publisher
- JSTOR
- Published
- 1981-11
- Volume
- 49
- Issue
- 6
- Pages
- 1377
- ISSN
- 0012-9682 (ISSN-L)
- OpenAlex
- W3125656997
- Cited by
- 2,258
- References
- 1
- FWCI
- 21.55
- Type
- journal article
- Language
- en
- Open access
- closed
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