During the 1960’s, many as was firmly supported by the historical founders of econometrics, had hoped that econometrics would provide a sound scientific foundation for econometrics in which each element of specification would be determined primarily on the basis of economic theory. However, due to misusing of econometrics and also wide usage of the so called cookbook econometrics, many research...

Model selection and estimation are crucial parts of econometrics. This paper introduces a new technique that can simultaneously estimate and select the model in generalized method of moments (GMM) context. The GMM is particularly powerful for analyzing complex data sets such as longitudinal and panel data, and it has wide applications in econometrics. This paper extends the least squares based ...

This paper studies the long-run convergence of per-capita GDP across European regions. Most of the empirical works in this area are based on either cross-sectional or a-spatial panel data xed-e ects estimates. Here, we propose the use of panel data econometrics models that incorporate an explicit consideration of spatial dependence e ects (Anselin, 1988; Elhorst, 2001; 2003). This allows us to ...

We propose a semiparametric first-difference estimator for panel censored-selection models where the selection equation is of tobit type. The estimator allows the unit-specific term to be arbitrarily related to regressors. The estimator minimizes a convex function and does not require any smoothing. A simulation study is provided comparing our proposal with the estimators of Wooldridge (Journal...

Abstract Prescribing behavior of physicians affected by many factors. The present study is aimed at discovering the simultaneous effects of the evaluated factors (including: price, promotion and demographic characteristics of physicians) and quantification of these effects. In order to estimate these effects, Fluvoxamine (an antidepressant drug) was selected and the model was figured out by pan...

Time series cointegration tests, even in the presence of large sample sizes, often yield conflicting conclusions (“mixed signals”) as measured by, inter alia, a low correlation of empirical p-values [see Gregory et al., 2004, Journal of Applied Econometrics]. Using their methodology, we present evidence suggesting that the problem of mixed signals persists for popular panel cointegration tests....