A limited dependent variable model under median rationality

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1 Citation (Scopus)


A bounded-price-variation model where an expectation of a censored endogenous variable appears is examined under the assumption that the expectation is the conditional median, not the conditional mean. The conditional median leads to a simple and intuitive closed form solution for the expectation and relaxes parametric assumptions used in the literature considerably.

Original languageEnglish
Pages (from-to)221-225
Number of pages5
JournalEconomics Letters
Issue number3
Publication statusPublished - 1997 Jul
Externally publishedYes


  • Censored variable
  • Median
  • Rational expectation
  • Semiparametrics

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics


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