By Junmin Wan (auth.)
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Extra info for Consumer Casualties: Exploring the Economics of Habit, Information, and Uncertainty in Japan
Nicotine intaket 36 Consumer Casualties and Tar intaket are stationary with time trend; thus, a time trend should be included in the estimation equation. Estimation Technique OLS and GMM are used to obtain parameter estimates. OLS is used to estimate the nonaddiction model. Because there is serial correlation in the residuals, AR(1) model is used to estimate the nonaddiction model. In the case of the addiction model, the OLS estimates may not be consistent because of the endogeneity of past and future consumption and because of the possibility that the use of leads and lags gives rise to serial correlation in the residuals.
If a rational consumer has information on a future price decrease, she will not hoard cigarettes, and the purchase of cigarettes can be considered as her consumption. ” Therefore, purchases exceed consumption. The rate of tax increase is used as a proxy variable for hoarding and stock to express the consumer response to price information. Since the Japanese government has total control of the price of cigarettes, the price is completely exogenous to the cigarette consumer and can be considered a natural experiment.
According to the OID test, the set of instruments is invalid. This means that the instruments correlate with the error term, which causes the problem of sign inversion. 510 593 593 Note: ***significant at 1%; **significant at 5%; *significant at 10%. 592. 2SLS, two-stage least squares; OID, overidentification test; OLS, ordinary least squares. the inventory is very serious. If it is ignored, consistent estimates cannot be obtained. 6. Since Purchaset , Pricet , and Yt are stationary over time, the time trend is included in the estimation equation.
Consumer Casualties: Exploring the Economics of Habit, Information, and Uncertainty in Japan by Junmin Wan (auth.)