A qualitative response analysis of UK firms' employment and output decisions
利用英国企业调查数据，通过有序概率模型分析企业就业与产出决策，发现预期需求是关键决定因素，而成本变化的影响不明确，且数据不支持理性预期假设。
Abstract This paper investigates firms' employment and output decisions and presents some empirical evidence concerning the rationality of firms' expectations. The dymanic model is based on the assumptions of convex adjustment costs and monopolistic competition in the product market. The results are obtained using categorical information on individual firms contained in business surveys collected by the Confederation of British Industry. Ordered probit models are used to estimate the employment and output equations. We find that expected demand is a critical determinant of firms' decisions, the effect of changes in cost conditions is not as well determined, and the data are not consistent with the rational expectations hypothesis.