Table 1 Estimation methods and their conditions for initial parameters and estimation options
Estimation method | ||||
|---|---|---|---|---|
Methods | FOCE-I | BAYES(C) | BAYES(F) | BAYES |
First-order conditional estimation with interaction | FOCE-I and BAYES composite method | BAYES with ω2 value fixed to true value | Markov chain Monte Carlo Bayesian | |
Conditions | ||||
Initial parameters | THETAs & OMEGAs: Open true values | THETAs & OMEGAs: Open true values | THETAs: Open true values OMEGAs: Fixed true values | THETAs & OMEGAs: Open true values |
Estimation options | SIG = 3 | For FOCE-I, SIG = 3 For BAYES, CTYPE = 3 NBURN = 4000 NITER = 10,000 SIGL = 8 NSIG = 2 | CTYPE = 3 NBURN = 4000 NITER = 10,000 SIGL = 8 NSIG = 2 | CTYPE = 3 NBURN = 4000 NITER = 10,000 SIGL = 8 NSIG = 2 |