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Prospect Theory and Mutual Fund Flows (2021)
Journal Article
Gu, A., & Yoo, H. I. (2021). Prospect Theory and Mutual Fund Flows. Economics Letters, 201, Article 109776. https://doi.org/10.1016/j.econlet.2021.109776

We evaluate the hypothesis that investors seek portfolios that display attractive return distributions in terms of Prospect Theory (PT). We consider the mutual fund market in the U.S. as an interesting testbed because fund investors are known to be r... Read More about Prospect Theory and Mutual Fund Flows.

lclogit2: An enhanced command to fit latent class conditional logit models (2020)
Journal Article
Yoo, H. (2020). lclogit2: An enhanced command to fit latent class conditional logit models. The Stata Journal, 20(2), 405-425. https://doi.org/10.1177/1536867x20931003

This paper describes lclogit2, an enhanced version of lclogit (Pacifico and Yoo, 2013). Like its predecessor, lclogit2 uses the ExpectationMaximization (EM) algorithm to estimate latent class conditional logit (LCL) models. But it executes the EM alg... Read More about lclogit2: An enhanced command to fit latent class conditional logit models.

Stated preferences over job characteristics: a panel study (2020)
Journal Article
Doiron, D., & Yoo, H. (2020). Stated preferences over job characteristics: a panel study. Canadian Journal of Economics, 53(1), 43-82. https://doi.org/10.1111/caje.12431

When making choices over jobs with different characteristics, what trade‐offs are decision‐makers willing to make? Such a question is difficult to address using typical household surveys that provide a limited amount of information on the attributes... Read More about Stated preferences over job characteristics: a panel study.

vcemway: A one-stop solution for robust inference with multi-way clustering (2019)
Journal Article
Gu, A., & Yoo, H. (2019). vcemway: A one-stop solution for robust inference with multi-way clustering. The Stata Journal, 19(4), 900-912

Most Stata commands allow cluster(varname) or vce(cluster clustvar) as an option, popularizing the use of standard errors that are robust to oneway clustering. For adjusting standard errors for multiway clustering, there is no solution that is as wid... Read More about vcemway: A one-stop solution for robust inference with multi-way clustering.

Temporal Stability of Cumulative Prospect Theory (2019)
Book Chapter
Lau, M., Yoo, H., & Zhao, H. Temporal Stability of Cumulative Prospect Theory. In G. Harrison, & D. Ross (Eds.), Models of Risk Preferences: Descriptive and Normative Challenges. Emerald. Manuscript submitted for publication

Religion, Religiosity and Educational Attainment: Evidence from the Compulsory Education System in England (2019)
Journal Article
Moffat, J., & Yoo, H. (2020). Religion, Religiosity and Educational Attainment: Evidence from the Compulsory Education System in England. Applied Economics, 52(4), 430-442. https://doi.org/10.1080/00036846.2019.1646872

This paper investigates the effect of religion on the educational attainment of pupils in their final year of compulsory education in England. The results show that pupils that identify with any religion have better academic performance than other pu... Read More about Religion, Religiosity and Educational Attainment: Evidence from the Compulsory Education System in England.

Risk Attitudes, Sample Selection and Attrition in a Longitudinal Field Experiment (2019)
Journal Article
Harrison, G., Lau, M., & Yoo, H. (2020). Risk Attitudes, Sample Selection and Attrition in a Longitudinal Field Experiment. The Review of Economics and Statistics, 102(3), 552-568. https://doi.org/10.1162/rest_a_00845

We evaluate the temporal stability of risk preferences using a remarkable data set that combines socio-demographic information from the Danish Civil Registry with information on risk attitudes from a longitudinal field experiment. Our econometric mod... Read More about Risk Attitudes, Sample Selection and Attrition in a Longitudinal Field Experiment.

Econometrics of Stated Preferences (2019)
Book Chapter
Fiebig, D., & Yoo, H. (2019). Econometrics of Stated Preferences. In A. M. Jones (Ed.), The Oxford encyclopedia of health economics. Oxford University Press. https://doi.org/10.1093/acrefore/9780190625979.013.92

Stated preference methods are used to collect individual level data on what respondents say they would do when faced with a hypothetical but realistic situation. The hypothetical nature of the data has long been a source of concern among researchers... Read More about Econometrics of Stated Preferences.

Semiparametric estimation of the random utility model with rank-ordered choice data (2019)
Journal Article
Yan, J., & Yoo, H. I. (2019). Semiparametric estimation of the random utility model with rank-ordered choice data. Journal of Econometrics, 211(2), 414-438. https://doi.org/10.1016/j.jeconom.2019.03.003

We propose semiparametric methods for estimating random utility models using rank-ordered choice data. Our primary method is the generalized maximum score (GMS) estimator. With partially rank-ordered data, the GMS estimator allows for arbitrary forms... Read More about Semiparametric estimation of the random utility model with rank-ordered choice data.

The use of heuristic optimization algorithms to facilitate maximum simulated likelihood estimation of random parameter logit models (2017)
Journal Article
Hole, A., & Yoo, H. (2017). The use of heuristic optimization algorithms to facilitate maximum simulated likelihood estimation of random parameter logit models. Journal of the Royal Statistical Society: Series C, 66(5), 997-1013. https://doi.org/10.1111/rssc.12209

Applications of random-parameter logit models can be found in various disciplines. These models have non-concave simulated likelihood functions and the choice of starting values is therefore crucial to avoid convergence at an inferior optimum. Little... Read More about The use of heuristic optimization algorithms to facilitate maximum simulated likelihood estimation of random parameter logit models.

A latent class nested logit model for rank-ordered data with application to cork oak reforestation (2016)
Journal Article
Oviedo, J., & Yoo, H. (2017). A latent class nested logit model for rank-ordered data with application to cork oak reforestation. Environmental and Resource Economics, 68(4), 1021-1051. https://doi.org/10.1007/s10640-016-0058-7

We analyze stated ranking data collected from recreational visitors to the Alcornocales Natural Park (ANP) in Spain. The ANP is a large protected area which comprises mainly cork oak woodlands. The visitors ranked cork oak reforestation programs deli... Read More about A latent class nested logit model for rank-ordered data with application to cork oak reforestation.

Temporal stability of stated preferences: the case of junior nursing jobs (2016)
Journal Article
Doiron, D., & Yoo, H. (2017). Temporal stability of stated preferences: the case of junior nursing jobs. Health Economics, 26(6), 802-809. https://doi.org/10.1002/hec.3350

With the growing use of discrete choice experiments (DCEs) in health workforce research, the reliability of elicited job preferences is a growing concern. We provide the first empirical evidence on the temporal stability of such preferences using a u... Read More about Temporal stability of stated preferences: the case of junior nursing jobs.

Joint Hypothesis Tests for Multidimensional Inequality Indices (2016)
Journal Article
Abul Naga, R., Shen, Y., & Yoo, H. (2016). Joint Hypothesis Tests for Multidimensional Inequality Indices. Economics Letters, 141, 138-142. https://doi.org/10.1016/j.econlet.2016.02.010

An inequality index over p dimensions of well-being is decomposable by attributes if it can expressed as a function of p unidimensional inequality indices and a measure of association between the various dimensions of well-being. We exploit this deco... Read More about Joint Hypothesis Tests for Multidimensional Inequality Indices.

Who are the unemployed? Evidence from the United Kingdom (2015)
Journal Article
Moffat, J., & Yoo, H. (2015). Who are the unemployed? Evidence from the United Kingdom. Economics Letters, 132, 61-64. https://doi.org/10.1016/j.econlet.2015.04.017

Using the UK Labour Force Survey 2005–2012, we analyse heterogeneity among non-employment subgroups in future employment hazards. Based on the results, we propose alternative measures of unemployment that include out-of-the-labour-force subgroups wit... Read More about Who are the unemployed? Evidence from the United Kingdom.

The use of alternative preference elicitation methods in complex discrete choice experiments (2013)
Journal Article
Yoo, H., & Doiron, D. (2013). The use of alternative preference elicitation methods in complex discrete choice experiments. Journal of Economic Psychology, 32(6), 1166-1179. https://doi.org/10.1016/j.jhealeco.2013.09.009

We analyse stated preference data over nursing jobs collected from two different discrete choice experiments: a multi-profile case best-worst scaling experiment (BWS) prompting selection of the best and worst among alternative jobs, and a profile cas... Read More about The use of alternative preference elicitation methods in complex discrete choice experiments.