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Instrumental Variable Approach (instrumental + variable_approach)
Selected AbstractsCaring for mom and neglecting yourself?HEALTH ECONOMICS, Issue 9 2009The health effects of caring for an elderly parent Abstract We examine the physical and mental health effects of providing care to an elderly mother on the adult child caregiver. We address the endogeneity of the selection in and out of caregiving using an instrumental variable approach, using the death of the care recipient and sibling characteristics. We also carefully control for baseline health and work status of the adult child. We explore flexible specifications, such as Arellano,Bond estimation techniques. Continued caregiving over time increases depressive symptoms and decreases self-rated health for married women and married men. In addition, the increase in depressive symptoms is persistent for married women. While depressive symptoms for single men and women are not affected by continued caregiving, there is evidence of increased incidence of heart conditions for single men, and that these effects are persistent. Robustness checks indicate that these health changes can be directly attributable to caregiving behavior, and not due to a direct effect of the death of the mother. The initial onset of caregiving has modest immediate negative effects on depressive symptoms for married women and no immediate effects on physical health. Negative physical health effects emerge 2 years later, however, suggesting that there are delayed effects on health that would be missed with a short recall period. Initial caregiving does not affect health of married men. Published in 2009 by John Wiley & Sons, Ltd. [source] The Relationship between Hospital Volume and Mortality in Mechanical Ventilation: An Instrumental Variable AnalysisHEALTH SERVICES RESEARCH, Issue 3 2009Jeremy M. Kahn Objective. To examine the relationship between hospital volume and mortality for nonsurgical patients receiving mechanical ventilation. Data Sources. Pennsylvania state discharge records from July 1, 2004, to June 30, 2006, linked to the Pennsylvania Department of Health death records and the 2000 United States Census. Study Design. We categorized all general acute care hospitals in Pennsylvania (n=169) by the annual number of nonsurgical, mechanically ventilated discharges according to previous criteria. To estimate the relationship between annual volume and 30-day mortality, we fit linear probability models using administrative risk adjustment, clinical risk adjustment, and an instrumental variable approach. Principle Findings. Using a clinical measure of risk adjustment, we observed a significant reduction in the probability of 30-day mortality at higher volume hospitals (,300 admissions per year) compared with lower volume hospitals (<300 patients per year; absolute risk reduction: 3.4%, p=.04). No significant volume,outcome relationship was observed using only administrative risk adjustment. Using the distance from the patient's home to the nearest higher volume hospital as an instrument, the volume,outcome relationship was greater than observed using clinical risk adjustment (absolute risk reduction: 7.0%, p=.01). Conclusions. Care in higher volume hospitals is independently associated with a reduction in mortality for patients receiving mechanical ventilation. Adequate risk adjustment is essential in order to obtained unbiased estimates of the volume,outcome relationship. [source] Market Price of Risk: A Comparison among the United States, United Kingdom, Australia and Japan,INTERNATIONAL REVIEW OF FINANCE, Issue 4 2009KENT WANG ABSTRACT This study examines and compares the market price of risk of the S&P 500, FTSE 100, All Ordinaries, and Nikkei 225 markets from 1984 to 2009 in the framework of Intertemporal Capital Asset Pricing Model (ICAPM). We follow the Vector Autoregressive instrumental variable approach in identifying the risk and hedge components of market returns and argue that in the context of market integration, covariance with a world market portfolio is a better measure of market risk than conditional market variance. Evidence is documented in support of using covariance as a risk measure in explaining market risk premiums in the Australian and Japanese markets. CAY, the consumption wealth ratio from the US market is found to be a robust state variable that helps to explain both conditional variance and covariance processes in the four markets. The market prices of risk, after controlling for the hedging demands, are positive and significant with the United States having the highest price of risk. The results are confirmed using a series of robustness tests that include varying the sampling interval. [source] Institutional Quality and the Gains from TradeKYKLOS INTERNATIONAL REVIEW OF SOCIAL SCIENCES, Issue 3 2006Axel Borrmann SUMMARY While theoretical models suggest that trade is likely to increase productivity and income levels, the empirical evidence is rather mixed. For some countries, trade has a strong impact on growth, whereas for other countries there is no or even a negative linkage. We examine one likely prerequisite for a welfare increasing impact of trade, that is, the role of institutional quality. Using several model specifications, including an instrumental variable approach, we identify those aspects of institutional quality that matter most for the positive linkage between trade and growth. We find that, above all, labour market regulation is the key to reducing trade-related adjustment costs. Market entry regulations, the efficiency of the tax system, the rule of law and government effectiveness do play a role too. In essence, the results demonstrate that countries with low-quality institutions do not benefit from trade. [source] The Value of Secondary School Quality*OXFORD BULLETIN OF ECONOMICS & STATISTICS, Issue 3 2003Leslie Rosenthal Improving the quality of state-funded secondary school education has become a major policy aim in the UK. However, without a valuation of the social benefits derived from public provision of educational services, the rational evaluation of policy to this end is difficult. Utilizing the argument that dwellings near better schools command a price premium, this paper presents results from an empirical exercise aimed at providing such a social valuation of increased school quality. Using a large set of data for England, and an instrumental variable approach, results indicate an elasticity of dwelling purchase price with respect to exam performance by schools at around +0.05. One implication is that society would value a general increase of five percentage points in exam performance by about £450 million per annum. [source] Recursive subspace identification based on instrumental variable unconstrained quadratic optimizationINTERNATIONAL JOURNAL OF ADAPTIVE CONTROL AND SIGNAL PROCESSING, Issue 9-10 2004G. Mercère The problem of the recursive formulation of the MOESP class of subspace identification algorithms is considered and two novel instrumental variable approaches are introduced. The first one leads to an RLS-like implementation, the second to a gradient type iteration. The relative merits of both approaches are analysed and discussed, while simulation results are used to compare their performance with one of the existing techniques. Copyright © 2004 John Wiley & Sons, Ltd. [source] | |||||||||||||