An empirical model of asset replacement in dairy production
利用历史农场数据估计奶牛置换的动态离散选择模型，发现实际置换率高于经济学家推荐的最优水平，并展示了正交多项式投影与最大似然估计结合的方法。
Throughout the US dairy farm industry, observed rates of dairy cow replacement consistently exceed the rates prescribed as optimal by dairy economists. We attempt to uncover the causes of this discrepancy by estimating a series of dynamic discrete choice models of dairy cow replacement using historical farm-level data. We also advance the methods used to estimate dynamic discrete choice models by demonstrating how orthogonal polynomial projection methods can be effectively combined with standard maximum likelihood techniques to estimate structural models of dynamic decision making.