By A. Rice, Jones

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Additional info for Applied Health Economics: Jones (Routledge Advanced Texts in Economics and Finance)

Sample text

With independent observations, the log-likelihood for the ordered probit model takes the form: Log L=Ȉi Ȉj yij log Pij where the yij are binary variables that equal 1 if yi=j. This can be maximized to give estimates of ȕ and of the unknown threshold values µj. 2 reports the coefficient values, which are on the latent variable scale and should not be given a quantitative interpretation. The estimates /cut1 to /cut4 are for the cut-points. 678 sah Coef. Robust Std. Err. 0712 t P>|t| [95% Conf. 8579 In this case the model passes the test.

Despite the fact that respondents are asked to rate their health relative to someone of their own age, there Describing the dynamics of health 17 is a clear pattern of worsening health for the older age groups, with the proportions in the top two categories declining and the bottom three categories increasing as age increases. To illustrate the socioeconomic gradient in SAH the distribution can be plotted for different income levels. Respondents are divided into quintiles of the distribution of income, using their average income over the panel.

If the probit link function proved to be inadequate, for example owing to the degree of skewness in the distribution, it would be possible to adopt a different distributional assumption and, hence, a different link function. With independent observations, the log-likelihood for the ordered probit model takes the form: Log L=Ȉi Ȉj yij log Pij where the yij are binary variables that equal 1 if yi=j. This can be maximized to give estimates of ȕ and of the unknown threshold values µj. 2 reports the coefficient values, which are on the latent variable scale and should not be given a quantitative interpretation.

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