following concentrated likelihood function,
I r ∖∖ 1 n ns exp(θ0y sc)
log L = S S nsc k4 " PC= 1 expose).
S Cs n S Cs
log L = Σ Σnsc log( ns)) + Σ ΣnscPc∕s.
s=1 c=1 s=1 c=1
(A1)
where,
_ exp(β0 Zsc)
pC/S~ PC= ι exp(β0zsc).
is the probability of an investor locating in a particular county, conditional
on the chosen state. The first term in expression (A1) is a constant. The
second term is the log-likelihood for a discrete choice problem where the
choice sets are restricted to the states where the investments were observed.
22
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