*4.3. Calibration*

For each scenario, four specifications (identified as I, II, III, and IV) were calibrated. The results derived from the maximum likelihood method are reported in Table 3.


**Table 3.** Values of the calibrated parameters.

\* ln(likelihood) = −43.7 with parameters equal to zero. For each parameter, the results of *t*-test are presented in parentheses.
