13) If the wage rate increases: a purely competitive and an imperfectly competitive producer will both hire less labor.
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To predict the probability of default on their bond obligations, Daniel Rubinfeld studied a sample of 35 municipalities in Massachusetts for the year…

To predict the probability of default on their bond obligations, Daniel Rubinfeld studied a sample of 35 municipalities in Massachusetts for the year 1930, several of which did in fact default. The LPM model he chose and estimated was as follows1

 

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