Papers › Jacobian-free Efficient Pseudo-Likelihood (EPL) Algorithm

Jacobian-free Efficient Pseudo-Likelihood (EPL) Algorithm

26 Oct 2024arXiv:2410.20029archive 2025-07-28

Takeshi Fukasawa

This study proposes a simple procedure to compute Efficient Pseudo Likelihood (EPL) estimator proposed by Dearing and Blevins (2024) for estimating dynamic discrete games, without computing Jacobians of equilibrium constraints. EPL estimator is efficient, convergent, and computationally fast. However, the original algorithm requires deriving and coding the Jacobians, which are cumbersome and prone to coding mistakes especially when considering complicated models. The current study proposes to avoid the computation of Jacobians by combining the ideas of numerical derivatives (for computing Jacobian-vector products) and the Krylov method (for solving linear equations). It shows good computational performance of the proposed method by numerical experiments.

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