The Economics of Agriculture and Natural Resources by Unknown

Author:Unknown
Language: eng
Format: epub
ISBN: 9789811552502
Publisher: Springer Singapore

(4)

where denotes a generator function with following properties: , and for all . Moreover, if , then this function can be inverted and is its inverse function.

The Ali–Mikhail–Hagh (AMH), Clayton, Frank, Gumbel, and Joe are Archimedean copulas that are widely applied in literature. These copulas have different generator functions which lead to different functional forms and dependency structures. The Frank copula is comprehensive and symmetric, has a central dependency, and . In contrast, the AMH, Clayton, Gumbel, and Joe are not symmetric and comprehensive. The Clayton, Gumbel, and Joe copulas only allow for positive dependency due to . It seems to be a limitation, while we can easily solve it using the negative form of the corresponding variable. This modification does not change the model structural information and allows for negative dependency between the variables with copulas in (Hasebe and Vijverberg 2012).

In general, an endogenous switching regression can separate a model into two regimes: the employment in private or public sector, union or non-union status, ownership and non-ownership, etc. In this study, according to two regimes, i.e., ownership and non-ownership, the effective factors on willingness to pay are investigated. This issue can be explained by the system of equations as:

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