Handbook of Health Economics. Vol. 2. Part 1 - download pdf or read online

By Culyer A.J., Newhouse J.P.

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Extra info for Handbook of Health Economics. Vol. 2. Part 1

Example text

The actual tests were carried out sequentially starting with the equality restriction on the regression variances followed by the equal slope vector hypotheses. e. 5 percent. The functional form issue was analyzed within the framework of Box-Cox transformation analysis [Box and Cox (1964), Zarembka (1974), Spitzer (1982)]. The idea in the Box-Cox analysis is to parameterize the functional form by estimable transformation parameters. In the study two transformation parameters were specified (y; Ax): one for the dependent variable and one for a relevant subset of the regression variables.

1997). In contrast to both Hansen and King, Blomqvist and Carter, and Roberts, McCoskey and Selden (1998) rejected the null hypothesis of unit roots for both HE and GDP and suggested "that researchers studying national health care expenditure need not be as concerned as previously thought about the presence of unit roots in the data" (McCoskey and Selden, p. 8). McCoskey and Selden declared that it is not surprising that Hansen and King could not reject the unit root hypothesis, since they relied on low-powered country-by-country unit root tests (augmented Dickey-Fuller tests; ADF).

Hence the panel data unit root inference can be conducted by comparing the obtained T statistic with critical values from an N(0, 1) distribution. e. the series might need to be differenced more than once to attain stationarity. e. 1(2) hypothesis tests. If this hypothesis can be rejected, then one may conclude that the variables are I(1). If the non-stationarity tests fail to be rejected, then one can difference the variables to achieve stationarity as in the Box-Jenkins methodology and estimate the relevant coefficients using only differenced variables.

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Handbook of Health Economics. Vol. 2. Part 1 by Culyer A.J., Newhouse J.P.

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