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RQ6.md

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Reading Quiz 6

  1. What is a conditional choice probability? How can it simplify solving the optimal stopping problem?

  2. What is the main contribution of Hotz & Miller (1993)?

  3. What is the first main contribution of Arcidiacono & Miller (2011)?

  4. What is the second main contribution of Arcidiacono & Miller (2011)?

  5. Explain what the similarities and differences are between terminal actions, renewal actions, and actions that satisfy the finite dependence property. How are all of these properties useful for estimating dynamic discrete choice models?