def create_mccall_continuous(

c=25, β=0.99, σ=0.5, μ=2.5, mc_size=1000, seed=1234

):

key = jax.random.PRNGKey(seed)

key = jax.random.key(seed)

s = jax.random.normal(key, (mc_size,))

w_draws = jnp.exp(μ + σ * s)

return McCallModelContinuous(c, β, σ, μ, w_draws)

Parameters:

-----------

key : jax.random.PRNGKey

key : jax.random.key

Random key for JAX

model : McCallModelContinuous

The model containing parameters

Compute mean lifetime value across many simulations.

"""

key = jax.random.PRNGKey(seed)

key = jax.random.key(seed)

keys = jax.random.split(key, num_reps)

# Vectorize the simulation across all replications

-----------

w_bar : float

The reservation wage

key : jax.random.PRNGKey

key : jax.random.key

Random key for JAX

model : McCallModelContinuous

The model containing wage draws

Average stopping time across all replications

"""

# Generate a key for each MC replication

key = jax.random.PRNGKey(seed)

key = jax.random.key(seed)

keys = jax.random.split(key, num_reps)

# Vectorize compute_stopping_time_continuous and evaluate across keys