Estimating automobile utilisation with panel data: An investigation of alternative assumptions for the initial conditions and error covariances |
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| Institution: | 1. The Hebrew University of Jerusalem, The Fredy and Nadine Herrmann Institute of Earth Sciences, Givat Ram, Jerusalem 91904, Israel;2. GFZ German Research Centre for Geosciences, Section Climate Dynamics and Landscape Evolution, Telegrafenberg, 14473, Potsdam, Germany;3. Potsdam University, Department of Earth Sciences, Karl-Liebknecht-Straße 24/25, 14476, Potsdam, Germany;1. Icahn School of Medicine at Mount Sinai, New York, New York;2. NYU Medical Center, New York, New York;3. University of California San Francisco, San Francisco, California;4. University of California San Diego, San Diego, California;6. Memorial Sloan Kettering Cancer Center, New York, New York;1. Robert Wood Johnson Foundation Clinical Scholars Program, Yale School of Medicine, New Haven, CT;2. Department of Emergency Medicine, Yale School of Medicine, New Haven, CT;3. Center for Outcomes Research, Yale–New Haven Hospital, New Haven, CT;4. Department of Emergency Medicine, Icahn School of Medicine at Mount Sinai, New York, NY;1. Department of Kinesiology, Michigan State University, United States;2. School of Education and Human Development, University of Miami, United States;1. First Cardiology Department, School of Medicine, Hippokration General Hospital, National and Kapodistrian University of Athens, Athens, Greece;2. Center for Diagnosis and Treatment of Pericardial Diseases, Section of Cardiovascular Imaging, Department of Cardiovascular Medicine, Heart, Vascular and Thoracic Institute, Cleveland Clinic, Cleveland, OH, USA;3. Laboratory of Pharmaceutical Technology, Department of Pharmacy, School of Health Sciences, University of Patras, Patras, Greece;4. Department of Microbiology, Medical School, National and Kapodistrian University of Athens, Athens, Greece |
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| Abstract: | This paper illustrates how recent developments in the econometrics of panel data analysis can be implemented in the study of the dynamics of continuous choice. Adopting the household's annual use of automobiles as the empirical setting with the data defined as a four-wave panel, we outline alternative assumptions for representing the role of unobserved heterogeneity, in particular the initial conditions, and the correlational structure between the observed and unobserved influences on choice. We show the importance of treating the initial conditions as endogenous. With the growing interest in integrating discrete and continuous choice models, typically through the application of the idea of selectivity, more thought has to be given to the error structure of the continuous choice module when the panel is short, as is so often the empirical reality. The simple application of econometric methods developed for long time series can be quite misleading. |
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