The Sensitivity of Labor-Supply Parameter Estimates to Unobserved Individual Effects: Fixed- and Random-Effects Estimates in a Nonlinear Model Using Panel Data
利用固定效应和随机效应Tobit模型，检验劳动供给方程中未观测个体效应导致的遗漏变量偏差，发现截面估计中子女效应被高估，跨期替代弹性在1.1到1.7之间。
Life-cycle models of labor supply predict the presence of an unobserved individual effect in the labor-supply equation that is correlated with observed explanatory variables, leading to an omitted variables bias in the cross section. The author examines the sensitivity of parameter estimates to the presence of these effects, using fixed- and random-effect tobit models. The estimated effects of children are too large in the cross section. The estimated intertemporal substitution elasticity ranges from 1.1 to 1.7. The results are similar for fixed- and random-effects models and for models using different specifications of the dependent variable. Copyright 1988 by University of Chicago Press.