Parametric conditional mean inference with functional data applied to lifetime income curves
Parametric conditional mean inference with functional data applied to lifetime income curves
We propose a framework for estimation of the conditional mean function in a parametric model with function space covariates. The approach employs a functional mean squared error objective criterion. Under regularity conditions, consistency and asymptotic normality are established. The analysis extends to situations where the asymptotic properties are influenced by estimation errors arising from the presence of nuisance parameters. Wald, Lagrange multiplier, and quasi-likelihood ratio statistics are studied. An empirical application conducts lifetime income path comparisons across different demographic groups according to years of work experience.
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Cho, Jin Seo
73c54d86-de50-44c7-8d1f-afbfab67bfc1
Phillips, Peter Charles Bonest
f67573a4-fc30-484c-ad74-4bbc797d7243
Seo, Juwon
2a36e89c-36dd-4f75-b1e6-011b54358f9e
23 September 2021
Cho, Jin Seo
73c54d86-de50-44c7-8d1f-afbfab67bfc1
Phillips, Peter Charles Bonest
f67573a4-fc30-484c-ad74-4bbc797d7243
Seo, Juwon
2a36e89c-36dd-4f75-b1e6-011b54358f9e
Cho, Jin Seo, Phillips, Peter Charles Bonest and Seo, Juwon
(2021)
Parametric conditional mean inference with functional data applied to lifetime income curves.
International Economic Review, .
(doi:10.1111/iere.12548).
Abstract
We propose a framework for estimation of the conditional mean function in a parametric model with function space covariates. The approach employs a functional mean squared error objective criterion. Under regularity conditions, consistency and asymptotic normality are established. The analysis extends to situations where the asymptotic properties are influenced by estimation errors arising from the presence of nuisance parameters. Wald, Lagrange multiplier, and quasi-likelihood ratio statistics are studied. An empirical application conducts lifetime income path comparisons across different demographic groups according to years of work experience.
Text
JSCHO_fdata_cmean_0722_2021_9D_pcb
- Accepted Manuscript
More information
Accepted/In Press date: 12 August 2021
e-pub ahead of print date: 23 September 2021
Published date: 23 September 2021
Additional Information:
Funding Information:
We gratefully acknowledge the acting Editor, Jesus Fernandez‐Villaverde, and three anonymous referees for providing very helpful comments on the original version of the article. We also acknowledge helpful discussions with Kees Jan van Garderen, Kevin Sheppard, Richard Smith, Liangjun Su, Ying Wang, and participants of ANZESG (Wellington, 2019) and SETA (Osaka, 2019). Cho acknowledges research support from an Isaac Manasseh Meyer Fellowship of the National University of Singapore and kind hospitality of the Department of Economics at the Chinese University of Hong Kong during his visit in 2020; Phillips acknowledges research support from a Kelly Fellowship at the University of Auckland and the NSF under Grant No. SES 18‐50860; and Seo acknowledges research support from AcRF Tier 1.
Publisher Copyright:
© (2021) by the Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association
Identifiers
Local EPrints ID: 450906
URI: http://eprints.soton.ac.uk/id/eprint/450906
ISSN: 0020-6598
PURE UUID: 7ebd596f-95f4-41dc-8f7e-64c3dce58e5d
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Date deposited: 20 Aug 2021 16:30
Last modified: 17 Mar 2024 06:47
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Author:
Jin Seo Cho
Author:
Juwon Seo
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