Parameter (True Value) Group size Panel Data estimation method Likelihood Quasi-Likelihood Mean Std.Error Mean Std.Error θ1 (-2) 50 -2.0261 0.34189 -2.0276 0.3420 100 -2.0111 0.2401 -2.0202 0.2389 θ2 (0.1) 50 0.1044 0.2955 0.1040 0.2945 100 0.0975 0.2091 0.09772 0.2056 α (0.7) 50 0.7021 0.0716 0.7010 0.0720 100 0.7011 0.0512 0.7051 0.0511 t (1.5) 50 1.4573 0.3654 1.4871 0.4441 100 1.4860 0.2514 1.4890 0.3140

Table 3: Simulation results for Estimation of f Based on Panel Data. The standard errors (Std.Err) have been calculated as the square roots of the simulated variances of the estimators.