Abstract #300415

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JSM 2003 Abstract #300415
Activity Number: 442
Type: Contributed
Date/Time: Thursday, August 7, 2003 : 8:30 AM to 10:20 AM
Sponsor: Business & Economics Statistics Section
Abstract - #300415
Title: A Method to Estimate the Latent Variable Human Capital from Sample Surveys on Income and Wealth Distributions
Author(s): Giorgio Vittadini*+ and Camilo Dagum and Lovaglio Pietro Giorgio and Michele Costa
Companies: University of Milan, Bicocca and University of Ottawa and University of Milan, Bicocca and University of Bologna
Address: V.le Bicocca degli Arcimboldi, 8, Milan 20126, , , Italy
Keywords: structural models ; indeterminacy ; identification ; ALSOS MORALS ; Partial Least Squares ; human capital
Abstract:

This research proposes and applies a method to estimate the households latent variable Human Capital (HC) as a linear combination of a set of observed quantitative and qualitative indicators (variables) selected from sample surveys on income and wealth distributions.The proposed method follows previous contributions of Vittadini and Lovaglio who extend the ALSOS MORALS multidimensional scaling and Wold Partial Least Squares methods to arrive at a unique solution of the households HC latent variable, overcoming the indeterminacy and identification problems of the structural models. The proposed method is applied to estimate the households HC from the 1983 U.S. Federal Reserve Board Sample Survey on Income and Wealth Distributions.


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