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Parametric and semi‐parametric modelling of vacation expenditures

1996; Wiley; Volume: 11; Issue: 1 Linguagem: Inglês

10.1002/(sici)1099-1255(199601)11

1099-1255

Bertrand Melenberg, Arthur van Soest,

Financial Literacy, Pension, Retirement Analysis

We anaLyse several Zimited dependent variable modets expZaining the budget share that Dutch famitfes spend on vacations.To take account of the substantiaZ number of zero shares in our cross-sectíon data, taro types of models are used.The first ts the single-equation censored regressfon model, of which the Tobit modet is a specfaL case.We estimate and test severaZ parametrfc and semi-parametríc extensíons of the Tobft modeZ.Although the parametric modeZs appear to be misspeciffed, estimated income elasticities o~vacatfon expendítures according to the Tobit model and ita extensfons do not dtfjer substantially.Secondly, me consider taio-equation models, in mhich the decision mhether or not to go on vacation and the decision on the amount to spend are treated separateZy.The ~trst decisfon ia modeZled as a bínary chotce equatfon, r~hereas the second is treated as a condittonal reyresston equation.For both equatfons, ~e estfmate, test and compare parametric and semi-parametrfc specífícatfons.SfmuZations are used to investigate mhether apparently mísspecified specificatfons índeed Zead to bfased conclusions about íncome eLasticities of vacation expenditures.