Abstract #300295

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JSM 2003 Abstract #300295
Activity Number: 442
Type: Contributed
Date/Time: Thursday, August 7, 2003 : 8:30 AM to 10:20 AM
Sponsor: Business & Economics Statistics Section
Abstract - #300295
Title: An Exclusive Regressors Binary Mixture Model with an Application to Labor Supply
Author(s): Zeng-Hua Lu*+
Companies: University of South Australia
Address: School of Mathematics and Statistics, Adelaide, , Australia
Keywords: Mixture models ; Binary choices modelling ; simulated annealing algorithm ; labour supply
Abstract:

This paper suggests a new type of mixture regression model: Exclusive Regressors Mixture Model, in which each mixture component is explained by its exclusive regressors. The model is different with the conventional mixture regression model, in which each mixture component is explained by a same set of regressors. The argument underlying our model is that the response variable is attributable to one or more of many factors, rather than different interactions of mutual factors. The model is illustrated with a binary dataset. The maximum likelihood method is suggested for estimation of the model. We employ the simulated annealing algorithm for the maximization of the likelihood function of mixture models. An extension of this algorithm is introduced to fit a general mixture model where the weighting parameters are subject to constraints. For example, an empirical study of U.K. female labor supply suggests that our model can perform much better than the conventional logit models and the conventional mixture models, according to the BIC and/or AIC model selection criteria.

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