Finalinputs.txt (formerly fstgvcv.txt) Feb, 2000 ************************************************************************ PART A. First-stage estimation for parameters for the typical household: (standard erorrs in parenthesis, or VCV matrix if so labelled) 1. From Carroll(1992) and author calculations: p=0.00302 (0.00076) (Below the vcv is reported as part of the system.) 2. From the municipal bonds rate 1980-93 and the GNP IPD PCE for the same: r=3.440 (0.281) (Below this vcv is reported as part of the system.) 3. Authors calculation from Carroll-Samwick (JME) data (tpvarvcv.do/xls). variance of perm shocks: 0.0212 (0.0029) variance of transitory shocks: 0.0440 (0.0055) The Variance-Covariance matrix is: 0.0000086501 -0.0000132154 -0.0000132154 0.0000300973 4. The Income polynomial and VCV matrix for the income polynomial (yss in col1a.do and col1d.do, note that the VCV matrix is no longer printed, only Choleski-matrix ): (Note Constant is 7*b[urate]+_cons) POLY y | Coef. ---------+------------ age1 | .32643678179 age2 | -.0148947085 age3 | .00036342384 age4 | -4.411685e-06 age5 | 2.056916e-08 Constant| 6.801368713 VCV | age1 age2 age3 age4 age5 constant --------+--------------------------------------------------------------- age1| .170573 age2| -.007775 .000356 age3| .000172 -7.9e-06 1.8e-07 age4| -1.9e-06 8.5e-08 -1.9e-09 2.1e-11 age5| 7.8e-09 -3.6e-10 8.0e-12 -8.8e-14 3.7e-16 _cons| -1.45333 .066031 -.001458 .000016 -6.6e-08 12.4255 (This does not account for the other variables in the regression, but is simply the subpart of the VCV when we estimated coefficients on the entire dataset.) 5. The estimated gammas calculated at the above interest rate: A. Calculated from the PSID retirement consumption functions (colpsid3/col8): (USING) gamma0 0.59414 gamma1 0.07743 (gamma0) VCV Matrix: 0.014709 -0.002065 0.003292 Not USING B !!!! B. Calculated by integrating the income profile with pension contributions and soc sec contributions and multiplied by (1-p) less the c-profile at the assumed interest rate. Taking an estimate of cash-on-hand from a similarly integrated profile for small income. The vcv matrix is joint in all of this. This incorporates sampling uncertainty in c-prof, big-y prof,, small-y r, p, but sampling variation in the large income profile is assumed uncorrelated with that of consumption and the small profile. (cvcvall3.txt with 40,000 draws for the VCV matrix, cvcall3.txt for the point estimates) Means of simulations: Parameter values at means of inputs: r 3.4402589 3.44 p 0.0030225150 0.00302 gam0 0.46364933 0.46634701 gam1 0.055414873 0.053316381 VCV Matrix (r,p,gam1,gam0): 0.078782694 1.0409615e-006 0.0029309347 -0.00049026213 1.0409615e-006 5.7643022e-007 1.0710244e-006 1.5476618e-007 0.0029309347 1.0710244e-006 0.025011186 -0.00027017587 -0.00049026213 1.5476618e-007 -0.00027017587 0.00015592306 6. Finally, just so everything is in one place, profiles for c and y from col1a.dta: age1 ctr yss 1. 26 20346.44 18690.96 2. 27 20608.55 19163.94 3. 28 20553.39 19621.11 4. 29 20568.67 20064.87 5. 30 20832.85 20497.21 6. 31 20960.67 20919.71 7. 32 21566.72 21333.54 8. 33 21459.77 21739.35 9. 34 21282.63 22137.36 10. 35 22127.91 22527.25 11. 36 21929.88 22908.31 12. 37 21460.42 23279.32 13. 38 21619.97 23638.63 14. 39 22359.83 23984.27 15. 40 22107.36 24313.83 16. 41 23016.14 24624.66 17. 42 22424.62 24913.86 18. 43 22871.31 25178.37 19. 44 23250.59 25415.05 20. 45 23839.26 25620.79 21. 46 22803.64 25792.54 22. 47 22548.49 25927.47 23. 48 23354.26 26023.09 24. 49 22359.36 26077.3 25. 50 21651.77 26088.44 26. 51 21383.05 26055.6 27. 52 21787.46 25978.38 28. 53 21454.16 25857.24 29. 54 20358.78 25693.43 30. 55 19842.86 25488.99 31. 56 20311.13 25246.82 32. 57 20353.93 24970.68 33. 58 19331.62 24665.15 34. 59 19082.18 24335.61 35. 60 17613.98 23988.18 36. 61 19077.07 23629.62 37. 62 18321.34 23267.47 38. 63 18501.98 22909.67 39. 64 17788.04 22564.94 40. 65 18201.76 22242.54 Individual level consumption data is in colct1a.dta 7. Family shifters polynomial (order1 to 5, constant irrelevant since we are taking differences): 0.13964975 -0.0047742190 8.5155210e-005 -7.9110880e-007 2.9789550e-009 VCV Matrix: 0.0092241895 -0.00041845131 9.2312610e-006 -9.9172030e-008 4.1578300e-010 -0.00041845131 1.9036950e-005 -4.2112240e-007 4.5359510e-009 -1.9063510e-011 9.2312610e-006 -4.2112240e-007 9.3409020e-009 -1.0087180e-010 4.2497280e-013 -9.9172030e-008 4.5359510e-009 -1.0087180e-010 1.0920330e-012 -4.6116990e-015 4.1578300e-010 -1.9063510e-011 4.2497280e-013 -4.6116990e-015 1.9519960e-017 8. the initial wealth distribution parameters : w26 and associated standard error w26: -2.7944810 and s.e.: 1.7838670 ****************************** PART B. By occ/ed (in process) ****************************** Categories: Edum = Education: . = 1 Elementary (1-8 yrs.) 1 = 2 High school (1-4 yrs.), less than H.S. Grad. 2 = 3 High school graduate (4 yrs.) 3 = 4 College (1-4 yrs.), less than college grad. 4 = 5 College Graduate (4 yrs.) 5 = 6 More than 4 yrs. of College Occupation: odum=cex 1 = 01 Managerial & professional specialty occupations 2 = 02 Technical, sales, and administrative support occupations 3 = 03 Service 4 = 05 Precision production, craft, and repair occupations 5 = 06 Operators, fabricators, and laborers 6 = 08 Self-employed 1 and 2 are the same. 3. Authors calculation from Carroll-Samwick (forthcoming JME) data: Using Parker.dta from Samwick (note: different from previous round due to better job of matching categories from CEX to PSID by using samwick's data rather than CS tables.) Programs: tpvarvcv.do/log Variances Permanent Transitory coeff pvar coeff tvar VCV matrix is: Ed (var of perm) 2 0.0213733 0.0658473 0.0000764068 -0.0001129437 0.0002537362 3 0.0276911 0.0431162 0.0000452660 -0.0000669135 0.0001503223 4 0.0237897 0.0342646 0.0000209599 -0.0000309822 0.0000696056 5 0.0146159 0.0385353 0.0000430927 -0.0000637002 0.0001431086 6 0.0115256 0.0499521 0.0000890362 -0.0001316111 0.0002956783 Oc 1(1) 0.0175058 0.0340675 0.0000234498 -0.0000362985 0.0000827154 2(2) 0.023474 0.03605520 0.0000581711 -0.0000900251 0.0002050538 3(5) 0.0174918 0.0431862 0.0000416786 -0.0000645176 0.0001470132 4(6) 0.0298806 0.0458383 0.0000488713 -0.0000756503 0.0001723838 5(8) 0.0165491 0.0926036 0.0001972311 -0.0003053062 0.0006956881 4. The Income polynomial and VCV matrix for the income polynomial (yss in col2a.do): (Note Constant is 7*b[urate]+_cons, 7*b[urate]=-.0541429) BY EDUCATION (note: the educational catagories here are 1-5: they correspond to 2-6 in the previous section ED=1 ------------------------------------------------------------------------------ y | Coef. Std. Err. t P>|t| [95% Conf. Interval] ---------+-------------------------------------------------------------------- constant| 7.8247791 e1age1 | .2146845 1.059494 0.203 0.839 -1.861955 2.291324 e1age2 | -.0115964 .047671 -0.243 0.808 -.105033 .0818402 e1age3 | .0003254 .0010449 0.311 0.756 -.0017227 .0023734 e1age4 | -4.35089e-06 .0000112 -0.389 0.697 -.0000263 .0000175 e1age5 | 2.16586e-08 4.67e-08 0.464 0.643 -6.99e-08 1.13e-07 VCV | constant e1age1 e1age2 e1age3 e1age4 e1age5 ---------+---------------------------------------------------------------------- constant|84.04744 e1age1 |-9.6982085 1.1225283 e1age2 | .43442194 -.05043264 .00227253 e1age3 |-.0094554 .00110078 -.00004974 1.092e-06 e1age4 | .00010019 -.00001169 5.298e-07 -1.166e-08 1.248e-10 e1age5 |-4.143e-07 4.847e-08 -2.202e-09 4.857e-11 -5.213e-13 2.182e-15 ED=2 ------------------------------------------------------------------------------ y | Coef. Std. Err. t P>|t| [95% Conf. Interval] ---------+-------------------------------------------------------------------- constant| 9.5665661 e2age1 | .0446528 .6574778 0.068 0.946 -1.244022 1.333328 e2age2 | -.0039597 .029892 -0.132 0.895 -.0625489 .0546295 e2age3 | .0001528 .0006623 0.231 0.818 -.0011453 .001451 e2age4 | -2.39205e-06 7.16e-06 -0.334 0.738 -.0000164 .0000116 e2age5 | 1.27475e-08 3.02e-08 0.422 0.673 -4.65e-08 7.20e-08 VCV | constant e2age1 e2age2 e2age3 e2age4 e2age5 ---------+---------------------------------------------------------------------- e2 31.751128 e2age1 -3.6989997 .43228013 e2age2 .16741683 -.01962392 .00089354 e2age3 -.00368298 .00043293 -.00001977 4.387e-07 e2age4 .00003944 -4.648e-06 2.128e-07 -4.736e-09 5.126e-11 e2age5 -1.647e-07 1.946e-08 -8.935e-10 1.993e-11 -2.163e-13 9.146e-16 ED=3 ------------------------------------------------------------------------------ y | Coef. Std. Err. t P>|t| [95% Conf. Interval] ---------+-------------------------------------------------------------------- constant| 7.8942321 e3age1 | .2318443 .7624988 0.304 0.761 -1.262675 1.726364 e3age2 | -.0116622 .0349674 -0.334 0.739 -.0801994 .0568749 e3age3 | .0003088 .0007817 0.395 0.693 -.0012234 .0018411 e3age4 | -3.94591e-06 8.53e-06 -0.463 0.644 -.0000207 .0000128 e3age5 | 1.88597e-08 3.63e-08 0.519 0.604 -5.24e-08 9.01e-08 VCV | constant e3age1 e3age2 e3age3 e3age4 e3age5 ---------+---------------------------------------------------------------------- e3 42.018527 e3age1 -4.9352157 .58140853 e3age2 .22533168 -.02662371 .00122273 e3age3 -.00500213 .00059267 -.0000273 6.111e-07 e3age4 .00005405 -6.421e-06 2.965e-07 -6.657e-09 7.271e-11 e3age5 -2.278e-07 2.713e-08 -1.256e-09 2.827e-11 -3.096e-13 1.321e-15 ED=4 ------------------------------------------------------------------------------ y | Coef. Std. Err. t P>|t| [95% Conf. Interval] ---------+-------------------------------------------------------------------- constant| -10.405312 e4age1 | 2.485197 .9668897 2.570 0.010 .5900659 4.380328 e4age2 | -.117761 .0442751 -2.660 0.008 -.2045414 -.0309806 e4age3 | .0027249 .0009886 2.756 0.006 .0007872 .0046627 e4age4 | -.0000305998 .0000108 -2.841 0.005 -.0000517 -9.49e-06 e4age5 | 1.330577e-07 4.59e-08 2.900 0.004 4.31e-08 2.23e-07 VCV | constant e4age1 e4age2 e4age3 e4age4 e4age5 ---------+---------------------------------------------------------------------- e4 67.796961 e4age1 -7.949491 .93488231 e4age2 .36245073 -.04274812 .0019603 e4age3 -.00803771 .00095058 -.00004371 9.774e-07 e4age4 .00008679 -.00001029 4.745e-07 -1.064e-08 1.161e-10 e4age5 -3.657e-07 4.346e-08 -2.009e-09 4.514e-11 -4.937e-13 2.105e-15 ED=5 ------------------------------------------------------------------------------ y | Coef. Std. Err. t P>|t| [95% Conf. Interval] ---------+-------------------------------------------------------------------- constant| -.1644758 e5age1 | 1.006592 1.035173 0.972 0.331 -1.022377 3.035561 e5age2 | -.0398603 .0471942 -0.845 0.398 -.1323622 .0526415 e5age3 | .0008146 .0010502 0.776 0.438 -.0012438 .0028731 e5age4 | -8.46449e-06 .0000114 -0.741 0.458 -.0000308 .0000139 e5age5 | 3.51982e-08 4.86e-08 0.725 0.469 -6.00e-08 1.30e-07 VCV | constant e5age1 e5age2 e5age3 e5age4 e5age5 ---------+---------------------------------------------------------------------- e5 78.531879 e5age1 -9.1596323 1.0715912 e5age2 .41576168 -.04878335 .0022273 e5age3 -.00918757 .00108104 -.0000495 1.103e-06 e5age4 .00009896 -.00001167 5.360e-07 -1.198e-08 1.304e-10 e5age5 -4.163e-07 4.923e-08 -2.266e-09 5.075e-11 -5.538e-13 2.359e-15 OCCUPATION OCC=1 ------------------------------------------------------------------------------ y | Coef. Std. Err. t P>|t| [95% Conf. Interval] ---------+-------------------------------------------------------------------- constant| 11.589688 o1age1 | -.2745169 .7245789 -0.379 0.705 -1.694718 1.145685 o1age2 | .0149597 .0333519 0.449 0.654 -.0504113 .0803306 o1age3 | -.0003526 .0007494 -0.470 0.638 -.0018215 .0011164 o1age4 | 3.95138e-06 8.23e-06 0.480 0.631 -.0000122 .0000201 o1age5 | -1.74800e-08 3.53e-08 -0.495 0.621 -8.68e-08 5.18e-08 VCV | constant o1age1 o1age2 o1age3 o1age4 o1age5 ---------+---------------------------------------------------------------------------------- o1 37.763744 o1age1 -4.4458117 .52501058 o1age2 .2037232 -.02412982 .00111234 o1age3 -.00454504 .00053987 -.00002496 5.617e-07 o1age4 .00004942 -5.886e-06 2.729e-07 -6.158e-09 6.770e-11 o1age5 -2.099e-07 2.506e-08 -1.165e-09 2.635e-11 -2.904e-13 1.249e-15 OCC=2 ------------------------------------------------------------------------------ y | Coef. Std. Err. t P>|t| [95% Conf. Interval] ---------+-------------------------------------------------------------------- constant| 4.4848091 o2age1 | .6186422 .945513 0.654 0.513 -1.234599 2.471883 o2age2 | -.0279209 .0435053 -0.642 0.521 -.1131929 .0573512 o2age3 | .0006269 .0009765 0.642 0.521 -.0012871 .0025409 o2age4 | -6.80305e-06 .0000107 -0.636 0.525 -.0000278 .0000142 o2age5 | 2.81518e-08 4.58e-08 0.614 0.539 -6.17e-08 1.18e-07 VCV | constant o2age1 o2age2 o2age3 o2age4 o2age5 ---------+---------------------------------------------------------------------------------- o2 64.25543 o2age1 -7.5678651 .89398813 o2age2 .34670246 -.04107488 .0018927 o2age3 -.00772792 .00091809 -.00004242 9.536e-07 o2age4 .00008391 -9.994e-06 4.631e-07 -1.044e-08 1.145e-10 o2age5 -3.555e-07 4.245e-08 -1.972e-09 4.455e-11 -4.900e-13 2.102e-15 OCC=3 ------------------------------------------------------------------------------ y | Coef. Std. Err. t P>|t| [95% Conf. Interval] ---------+-------------------------------------------------------------------- constant| -17.140002 o3age1 | 3.081561 1.495088 2.061 0.039 .1511325 6.011989 o3age2 | -.1386969 .068774 -2.017 0.044 -.2734965 -.0038972 o3age3 | .0030526 .0015421 1.979 0.048 .00003 .0060753 o3age4 | -.0000327369 .0000169 -1.940 0.052 -.0000658 3.37e-07 o3age5 | 1.36718e-07 7.22e-08 1.894 0.058 -4.76e-09 2.78e-07 VCV | constant o3age1 o3age2 o3age3 o3age4 o3age5 ---------+---------------------------------------------------------------------------------- o3 160.47804 o3age1 -18.912389 2.2352714 o3age2 .86627997 -.10267674 .00472983 o3age3 -.01929225 .00229286 -.00010591 2.378e-06 o3age4 .00020918 -.00002492 1.154e-06 -2.599e-08 2.847e-10 o3age5 -8.849e-07 1.057e-07 -4.907e-09 1.108e-10 -1.216e-12 5.210e-15 OCC=4 ------------------------------------------------------------------------------ y | Coef. Std. Err. t P>|t| [95% Conf. Interval] ---------+-------------------------------------------------------------------- constant| 3.5547061 o4age1 | .7306799 1.305812 0.560 0.576 -1.82876 3.29012 o4age2 | -.033755 .0611807 -0.552 0.581 -.1536714 .0861614 o4age3 | .000769 .0014005 0.549 0.583 -.001976 .0035141 o4age4 | -8.43642e-06 .0000157 -0.538 0.590 -.0000392 .0000223 o4age5 | 3.52665e-08 6.87e-08 0.513 0.608 -9.94e-08 1.70e-07 VCV | constant o4age1 o4age2 o4age3 o4age4 o4age5 ---------+---------------------------------------------------------------------------------- o4 118.56572 o4age1 -14.1986 1.7051322 o4age2 .66246453 -.0797781 .00374305 o4age3 -.0150617 .00181872 -.00008557 1.961e-06 o4age4 .00016705 -.00002022 9.540e-07 -2.193e-08 2.458e-10 o4age5 -7.241e-07 8.787e-08 -4.155e-09 9.575e-11 -1.076e-12 4.722e-15 OCC=5 ------------------------------------------------------------------------------ y | Coef. Std. Err. t P>|t| [95% Conf. Interval] ---------+-------------------------------------------------------------------- constant| 14.848148 o5age1 | -.6465537 1.015764 -0.637 0.524 -2.63749 1.344382 o5age2 | .030439 .0470933 0.646 0.518 -.0618656 .1227435 o5age3 | -.0006761 .0010655 -0.635 0.526 -.0027644 .0014123 o5age4 | 7.33770e-06 .0000118 0.623 0.533 -.0000157 .0000304 o5age5 | -3.17506e-08 5.09e-08 -0.624 0.533 -1.32e-07 6.80e-08 VCV | constant o5age1 o5age2 o5age3 o5age4 o5age5 ---------+---------------------------------------------------------------------------------- o5 73.090428 o5age1 -8.6714423 1.0317694 o5age2 .40031462 -.04776697 .00221776 o5age3 -.00899448 .0010762 -.00005011 1.135e-06 o5age4 .00009847 -.00001181 5.515e-07 -1.253e-08 1.386e-10 o5age5 -4.209e-07 5.061e-08 -2.369e-09 5.395e-11 -5.986e-13 2.591e-15 OCC=6 (Self employed) ------------------------------------------------------------------------------ y | Coef. Std. Err. t P>|t| [95% Conf. Interval] ---------+-------------------------------------------------------------------- constant| -8.8647249 o6age1 | 2.214387 1.357696 1.631 0.103 -.4467474 4.875521 o6age2 | -.1033039 .061296 -1.685 0.092 -.2234463 .0168385 o6age3 | .0023613 .0013506 1.748 0.080 -.000286 .0050086 o6age4 | -.0000263131 .0000145 -1.810 0.070 -.0000548 2.19e-06 o6age5 | 1.14246e-07 6.13e-08 1.865 0.062 -5.82e-09 2.34e-07 VCV | constant o6age1 o6age2 o6age3 o6age4 o6age5 ---------+---------------------------------------------------------------------------------- o6 137.68636 o6age1 -15.906651 1.8433236 o6age2 .71496854 -.08309926 .00375717 o6age3 -.01564446 .00182343 -.00008267 1.824e-06 o6age4 .00016688 -.0000195 8.866e-07 -1.961e-08 2.114e-10 o6age5 -6.954e-07 8.147e-08 -3.713e-09 8.234e-11 -8.896e-13 3.752e-15 A. Calculated from the PSID retirement consumption functions (col8.log): (NOT USED in latest paper) ED=1, N=52 gamma0 0.8829778 gamma1 0.26725 (gamma0) VCV Matrix: 0.13554621 -0.03670253 0.02457301 ED=2, N=30 gamma0 0.6520482 gamma1 0.1287462 (gamma0) VCV Matrix: 0.06819685 -0.0252477 0.02342956 ED=3, N=20 gamma0 0.6737839 gamma1 -0.079726 (gamma0) VCV Matrix: 0.09437962 -0.03028404 0.02059024 ED=4, N=20, N=13 gamma0 0.5540972 gamma1 0.3674232 (gamma0) VCV Matrix: 0.06404574 -0.00945061 0.00375675 ED=5, N=24 gamma0 0.8822072 gamma1 0.1482087 (gamma0) VCV Matrix: 0.04665334 -0.01300629 0.01438383 BY OCCUPATION OCC=1, N=51 gamma0 0. 8510187 gamma1 0. 3106988 (gamma0) VCV Matrix: 0.0330114 -0.00395323 0.00240159 OCC=2, N=30 gamma0 0.8033122 gamma1 -0.0903373 (gamma0) VCV Matrix: 0.12296164 -0.00131732 0.03115706 OCC=3, N=11 gamma0 0.6390829 gamma1 0.19282 (gamma0) VCV Matrix: 0.44265917 -0.17472521 0.16160169 OCC=4, N=29 gamma0 0.8908383 gamma1 -0.0374779 (gamma0) VCV Matrix: 0. 1422344 -0. 06036098 0. 0677782 OCC=5, N=23 gamma0 0.8135352 gamma1 -0.0667783 (gamma0) VCV Matrix: 0.0677782 -0.09207885 0.12027624 WE ARE NO LONGER USING VERSION B !!!! B. Calculated by integrating the income profile with pension contributions and soc sec contributions and multiplied by (1-p) less the c-profile at the assumed interest rate. Taking an estimate of cash-on-hand from a similarly integrated profile for small income. The vcv matrix is joint in all of this. This incorporates sampling uncertainty in c-prof, big-y prof,, small-y r, p, but sampling variation in the large income profile is assumed uncorrelated with that of consumption and the small profile. (gvcved?.prg and gvcvoc?.prg with 40,000 draws, producing gvcv???.txt) BY EDUCATION ED=1 Means of simulations: Parameter values at means of inputs: r 3.4417166 3.4400000 p 0.0030194963 0.0030200000 gam0 0.14825148 0.44545389 gam1 0.024271617 0.10425766 VCV Matrix (r,p,gam1,gam0): 0.078655610 3.4290250e-007 -0.038235147 -0.017365942 3.4290250e-007 5.7135305e-007 -0.00030640408 -9.4540346e-005 -0.038235147 -0.00030640408 3228.7532 1093.0437 -0.017365942 -9.4540346e-005 1093.0437 379.12815 ED=2 Means of simulations: Parameter values at means of inputs: r 3.4397570 3.4400000 p 0.0030123009 0.003020000 gam0 0.35282228 0.35837157 gam1 0.048183804 0.046409535 VCV Matrix (r,p,gam1,gam0): 0.078302944 4.8515033e-007 0.0023812055 -0.00034172335 4.8515033e-007 5.9008690e-007 1.3138140e-006 2.1839334e-007 0.0023812055 1.3138140e-006 0.022708457 -0.00037021404 -0.00034172335 2.1839334e-007 -0.00037021404 0.00011137121 ED=3 Means of simulations: Parameter values at means of inputs: r 3.4383814 3.4400000 p 0.0030253434 0.003020000 gam0 1.0400556 1.0133120 gam1 0.098268880 0.089948241 VCV Matrix (r,p,gam1,gam0): 0.078371032 -2.6789183e-007 -0.0011303316 -0.0014093864 -2.6789183e-007 5.7697781e-007 4.6854489e-006 7.9271804e-007 -0.0011303316 4.6854489e-006 0.11808988 0.0029361561 -0.0014093864 7.9271804e-007 0.0029361561 0.0040069198 ED=4 Means of simulations: Parameter values at means of inputs: r 3.4398153 3.4400000 p 0.0030203195 0.0030200000 gam0 0.39890165 0.40172786 gam1 0.038125005 0.037286620 VCV Matrix (r,p,gam1,gam0): 0.078582216 -7.0929607e-007 0.0026993281 -0.00028845167 -7.0929607e-007 5.7808050e-007 1.4685631e-006 1.0506215e-007 0.0026993281 1.4685631e-006 0.017225575 -0.00018856558 -0.00028845167 1.0506215e-007 -0.00018856558 4.2680165e-005 ED=5 Means of simulations: Parameter values at means of inputs: r 3.4416951 3.4400000 p 0.0030221921 0.0030200000 gam0 0.50665504 0.50767609 gam1 0.046722056 0.045624389 VCV Matrix (r,p,gam1,gam0): 0.078864730 -2.4600968e-006 0.0027555575 -0.00041815100 -2.4600968e-006 5.8409712e-007 1.6785871e-006 1.5923056e-007 0.0027555575 1.6785871e-006 0.017950650 -0.00011631669 -0.00041815100 1.5923056e-007 -0.00011631669 6.9971181e-005 **************************************************** THE OCCUPATION GAMMAS ARE NOT RECALCULATED YET --- THESE NUMBERS ARE STILL BASED ON PSID DATA IN PART!!! **************************************************** OCC=1 Means of simulations: Parameter values at means of inputs: r 3.4391669 3.44 p 0.0030197655 0.00302 gam0 0.44775437 gam1 0.032204200 VCV Matrix (r,p,gam1,gam0): 0.079176639 1.4569672e-006 0.0020621530 -0.00054537270 1.4569672e-006 5.7872830e-007 -5.1576040e-008 9.9777185e-008 0.0020621530 -5.1576040e-008 0.0025047943 -0.00010442691 -0.00054537270 9.9777185e-008 -0.00010442691 5.4347598e-005 point estimates gam0 0.44833643 gam1 0.031757235 OCC=2 Means of simulations: Parameter values at means of inputs: r 3.4412511 3.44 p 0.0030212214 0.00302 gam0 0.58208522 gam1 0.041292618 VCV Matrix (r,p,gam1,gam0): 0.079089724 4.1332480e-007 0.0012255715 -0.00053635647 4.1332480e-007 5.8124110e-007 -5.2204881e-008 9.2605977e-008 0.0012255715 -5.2204881e-008 0.0016223674 -7.3137818e-006 -0.00053635647 9.2605977e-008 -7.3137818e-006 5.3437727e-005 point estimates gam0 0.58341632 gam1 0.040321680 OCC=3 Means of simulations: Parameter values at means of inputs: r 3.4402145 3.44 p 0.0030203919 0.00302 gam0 0.37668520 gam1 0.12519694 VCV Matrix (r,p,gam1,gam0): 0.077769473 -1.8088854e-006 -0.014599306 0.0040781873 -1.8088854e-006 5.7554751e-007 -0.00020081835 6.2475205e-005 -0.014599306 -0.00020081835 1993.8169 -638.66044 0.0040781873 6.2475205e-005 -638.66044 205.39755 point estimates gam0: 0.36799958 gam1: 0.15481088 OCC=4 Means of simulations: Parameter values at means of inputs: r 3.4400280 3.44 p 0.0030173400 0.00302 gam0 0.53831739 gam1 0.038434510 VCV Matrix (r,p,gam1,gam0): 0.078218107 2.1204716e-006 0.00077671479 -0.00046466489 2.1204716e-006 5.8126453e-007 1.1713315e-007 1.3918993e-007 0.00077671479 1.1713315e-007 0.0023326519 7.8563175e-005 -0.00046466489 1.3918993e-007 7.8563175e-005 4.9162206e-005 point estimates gam0 0.53782192 gam1 0.037463690 OCC=5 Means of simulations: Parameter values at means of inputs: r 3.4398385 3.44 p 0.0030208581 0.00302 gam0 0.53594369 gam1 0.036282519 VCV Matrix (r,p,gam1,gam0): 0.079079170 8.3798631e-008 0.00069446244 -0.00041985910 8.3798631e-008 5.8192354e-007 1.9916334e-007 9.7050336e-008 0.00069446244 1.9916334e-007 0.0014043680 4.1356142e-005 -0.00041985910 9.7050336e-008 4.1356142e-005 4.5176048e-005 point estimates gam0 0.53618741 gam1 0.035324703