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Central European Journal of Economic Modelling and Econometrics

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Central European Journal of Economic Modelling and Econometrics | 2021 | No 1

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Abstract

There are reasons researchers may be interested in accounting for spatial heterogeneity of preferences, including avoiding model misspecification and the resulting bias, and deriving spatial maps of willingness-to-pay (WTP), which are relevant for policy-making and environmental management. We employ a Monte Carlo simulation of three econometric approaches to account for spatial preference heterogeneity in discrete choice models. The first is based on the analysis of individual-specific estimates of the mixed logit model. The second extends this model to explicitly account for spatial autocorrelation of random parameters, instead of simply conditioning individual-specific estimates on population-level distributions and individuals’ choices. The third is the geographically weighted multinomial logit model, which incorporates spatial dimensions using geographical weights to estimate location-specific choice models. We analyze the performance of these methods in recovering population-, region- and individual-level preference parameter estimates and implied WTP in the case of spatial preference heterogeneity. We find that, although ignoring spatial preference heterogeneity did not significantly bias population-level results of the simple mixed logit model, neither individual-specific estimates nor the geographically weighted multinomial logit model was able to reliably recover the true region- and individual-specific parameters. We show that the spatial mixed logit proposed in this study is promising and outline possibilities for future development.
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Authors and Affiliations

Wiktor Budziński
1
ORCID: ORCID
Mikołaj Czajkowski
1
ORCID: ORCID

  1. University of Warsaw
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Abstract

The educational expansion in many advanced economies in the past few decades has triggered a debate on overeducation. The aim of the study is to provide an empirical evaluation of the wage effects of overeducation in different occupational groups. We also analyse whether these effects differ between genders. In order to achieve this, we use individual data from the Structure of Wages and Salaries by Occupations database of firms with 10 or more employees in Poland. We use data from the 2006-2014 waves of the survey. We calculate the impact of overeducation on wages using a Mincer-type wage regression model. We show that on average workers are rewarded for being overeducated, but the size of wage effects of overeducation differs among particular occupational groups. We show also that the choice of the method of measurement of overeducation affects the results.
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Authors and Affiliations

Paulina Broniatowska
1
ORCID: ORCID

  1. University of Warsaw
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Abstract

In this paper, we propose a robust estimation of the conditional variance of the GARCH(1,1) model with respect to the non-negativity constraint against parameter sign. Conditions of second order stationary as well as the existence of moments are given for the new relaxed GARCH(1,1) model whose conditional variance is estimated deriving firstly the unconstrained estimation of the conditional variance from the GARCH(1,1) state space model, then, the robustification is implemented by the Kalman filter outcomes via density function truncation method. The GARCH(1,1) parameters are subsequently estimated by the quasi-maximum likelihood, using the simultaneous perturbation stochastic approximation, based, first, on the Gaussian distribution and, second, on the Student-t distribution. The proposed approach seems to be efficient in improving the accuracy of the quasi-maximum likelihood estimation of GARCH model parameters, in particular, with a prior boundedness information on volatility.
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Authors and Affiliations

Abdeljalil Settar
1
ORCID: ORCID
Nadia Idrissi Fatmi
1
ORCID: ORCID
Mohammed Badaoui
1 2
ORCID: ORCID

  1. LIPIM, École Nationale des Sciences Appliquées (ENSA), Khouribga, Morocco
  2. LaMSD, École Supérieure de Technologie (EST), Oujda, Morocco
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Abstract

The objective of the paper is to evaluate the implications of trade liberalization under the Transatlantic Trade and Investment Partnership (TTIP) for the Polish economy. We analyze the level of tariffs and non-tariff protection in the US and in the EU and identify products particularly “sensitive” from the point of view of TTIP liberalization. With the help of a partial equilibrium model, we simulate the trade implications of the TTIP for Poland’s trade with the US at the detailed product level. We analyze trade creation and diversion effects of tariff elimination and partial removal of non-tariff barriers. We found that the TTIP can increase Poland’s trade with the US by around 45 percent with a limited impact on its trade with the European Union (EU) members. Subsequent general equilibrium simulations show that trade diversion effects of the TTIP are substantial, while the welfare benefits of the agreement are limited.
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Authors and Affiliations

Jan Hagemejer
1 2
ORCID: ORCID
Jan Jakub Michałek
1
ORCID: ORCID
Karolina Pawlak
3
ORCID: ORCID

  1. University of Warsaw, Poland
  2. CASE Center for Economic and Social Research, Warsaw, Poland
  3. Poznan University of Life Sciences, Poland

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