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Bayesian estimation of finite mixtures of Tobit models

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  • Caio Waisman

Abstract

This paper outlines a Bayesian approach to estimate finite mixtures of Tobit models. The method consists of an MCMC approach that combines Gibbs sampling with data augmentation and is simple to implement. I show through simulations that the flexibility provided by this method is especially helpful when censoring is not negligible. In addition, I demonstrate the broad utility of this methodology with applications to a job training program, labor supply, and demand for medical care. I find that this approach allows for non-trivial additional flexibility that can alter results considerably and beyond improving model fit.

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  • Caio Waisman, 2024. "Bayesian estimation of finite mixtures of Tobit models," Papers 2411.09771, arXiv.org.
    • Handle: RePEc:arx:papers:2411.09771
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    File URL: http://arxiv.org/pdf/2411.09771
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