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The ex-post error for q t is the same as (15).
The system used for estimation involves endogenous variables (revenue, employment, and wage bill) and has four unknown parameters and two equations that determine ex-post error terms.
For exiting plants, the ex-post error for L t is η t = − α θ t L t α − 1 q γ + w t q t + J t U ν U + J t D ν D L t − L t − 1 L t − 1, and the ex-post error for q t is the same as (17).
For the case with both employment and the average-wage adjustment cost, the ex-post error for L t is η t = − α θ t L t α − 1 q t γ + w t q t + J t U ν U + J t D ν D L t − L t − 1 L t − 1 + β I t + 1 U λ U 2 + I t + 1 D λ D 2 w t + 1 q t + 1 − w t q t w t q t 2 w t q t − β J t + 1 U ν U 2 + J t + 1 D ν D 2 L t + 1 2 − L t 2 L t 2. (2.).
Thus, for a plant that continues from period t+1 to t+2,X(st+1)=0 and the ex-post errors are as defined earlier.
For a plant that exits in period t+1,X(st+1)=1 and the ex-post errors become ε t = − γ θ t L t α q t γ + w t q t L t + I t U λ U + I t D λ D w t q t − w t − 1 q t − 1 w t − 1 q t − 1 w t q t L t − 1, (17).
We therefore calculate the root-mean-square (RMS) percentage errors of the ex post simulation to sample means of actual observations to represent the goodness of fit for each demand equation.
They show that some judicial error can enhance the ex post efficiency of a bankruptcy procedure due to better ex ante actions on the part of management.
If the trial court did so err, this Court is making a more grievous error in amending New York's rule here and then requiring New York to apply it ex post facto without benefit of a full trial.
"The ex post is an illusion".
The fact that approximation errors may accumulate over time course is mostly neglected in the estimator design and, at most, checked ex post.
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