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Identification may be established either by the examination of the specification of the structural model, or by the examination of the reduced form of the model.
Traditionally identification has been approached via the reduced form. In the sobsequent section we will examine both approaches. However, the reduced form approach is conceptually confusing and computationally more difficult than the structural model approach, because it requires the derivation of the reduced form first and then examination of the values of the determinant formed from some of the reduced form coefficients. The structural form approach is simpler and more useful.
In this unit we will only discuss the structural form approach of identification. In applying the identification rules we should ignore the constamt term if it is present in each equations, or, if it is present in some of the equations then we have to retain it and we need to treat it like separate variable. In this case we must include in the set of varijkdes a dummy variable (say X, ), which would always take on the value 1.
a) Define the term Nash equilibrium b) You are given the following pay-off matrix: Strategies for player 1 Strategies for player 2
The title of a "player" who selects from among her methods randomly, primarily based on some predetermined chance distribution, instead of strategically, primarily based on payoffs
A payoff offerd as a bequest for someone partaking in some activity that doesn't directly provide her with profit. Often, such incentives are given to beat the ethical hazard drawb
A strategy is weakly dominant if, no matter what the other players do, the strategy earns a player a payoff a minimum of as high as the other strategy, and, the strategy earns a st
Scenario The hawk-dove game is additionally commonly called the sport of chicken. 2 hooligans with one thing to prove drive at one another on a slender road. The primary to swer
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1. The publishing industry in the country of Font, where the local currency is the stet, is dominated by two companies, the Arial Book Co. and Verdana Works Ltd.. Currently, both o
A collection of colluding bidders. Ring members comply with rig bids by agreeing to not bid against one another, either by avoiding the auction or by putting phony (phantom) bids
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