dc.contributor.author | Norwood, F. Bailey | |
dc.contributor.author | Lusk, Jayson L. | |
dc.contributor.author | Brorsen, B. Wade | |
dc.date.accessioned | 2015-10-16T20:47:48Z | |
dc.date.available | 2015-10-16T20:47:48Z | |
dc.date.issued | 2004-12 | |
dc.identifier | okds_Brorsen_JARE_2004-12 | |
dc.identifier.citation | Norwood, F. B., Lusk, J. L., & Brorsen, B. W. (2004). Model selection for discrete dependent variables: Better statistics for better steaks. Journal of Agricultural and Resource Economics, 29(3), 404-419. | |
dc.identifier.uri | https://hdl.handle.net/11244/19792 | |
dc.description.abstract | Little research has been conducted on evaluating out-of-sample forecasts of discrete dependent variables. This study describes the large and small sample properties of two forecast evaluation techniques for discrete dependent variables: receiver-operator curves and out-of-sample log-likelihood functions. The methods are shown to provide identical model rankings in large samples and similar rankings in small samples. The likelihood function method is better at detecting forecast accuracy in small samples. By improving forecasts of fed cattle quality grades, the forecast evaluation methods are shown to increase cattle marketing revenues by $2.59/head. | |
dc.format | application/pdf | |
dc.language | en_US | |
dc.publisher | Western Agricultural Economics Association | |
dc.rights | This material has been previously published. In the Oklahoma State University Library's institutional repository this version is made available through the open access principles and the terms of agreement/consent between the author(s) and the publisher. The permission policy on the use, reproduction or distribution of the material falls under fair use for educational, scholarship, and research purposes. Contact Digital Resources and Discovery Services at lib-dls@okstate.edu or 405-744-9161 for further information. | |
dc.title | Model selection for discrete dependent variables: Better statistics for better steaks | |
osu.filename | okds_Brorsen_JARE_2004-12.pdf | |
dc.description.peerreview | Peer reviewed | |
dc.description.department | Agricultural Economics | |
dc.type.genre | Article | |
dc.type.material | Text | |
dc.subject.keywords | discrete dependent variables | |
dc.subject.keywords | forecasting | |
dc.subject.keywords | likelihood functions | |
dc.subject.keywords | model selection | |
dc.subject.keywords | out-of-sample | |
dc.subject.keywords | quality grades | |
dc.subject.keywords | receiver-operator curves | |