Search Results
Showing results 1 to 2 of approximately 2.
(refine search)
Working Paper
The career decisions of young men
Report
The solution and estimation of discrete choice dynamic programming models by simulation and interpolation: Monte Carlo evidence
Over the past decade, a substantial literature on the estimation of discrete choice dynamic programming (DC-DP) models of behavior has developed. However, this literature now faces major computational barriers. Specifically, in order to solve the dynamic programming (DP) problems that generate agents' decision rules in DC-DP models, high dimensional integrations must be performed at each point in the state space of the DP problem. In this paper we explore the performance of approximate solutions to DP problems. Our approximation method consists of: 1) using Monte Carlo integration to simulate ...