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Identification is a problem of model formultion, rather than inf nlnde! estimation or appraisal. We say a model is identified if it is in a unique statistical form, enabling unique estimates of its parameters to be suhsequerltly made from sample data. If a model is not identified then we cannot say exactly what relationship we are estimating.
To measure the coefficients of the demand ecjuattlon: cornlally the published time series reporting the quantity bough of the corrtmodir). is used. tiowever, the quantity bought is identical with the quantity sold at any particular price. Market data register points of interaction of equilibrium supply and demand at the price prevailing in the market at a certairz point of time. A sample of time-series observations shows simultaneously the quantity demanded, and the quantity supplied, at the prevailing market price. That is. it only shows the points of interactions of demand and supply. If' we use these data for estimation, we actually measure the coefficients of a function of the form Q = f (p) . This equation may be either the demand function or the supply function. But how can we be sure whether this equation represents demand function or supply function? If anyone is interested to measure the demand function then he can use the data. Similarly, the person who is interested to measure the supply equation will also be using the same data. It is clear that we need some criteria, which will enable us to verify that the estimated coefficients belong to the one or the other relationship.
Explain about the term Game Theory. Game Theory: While the decisions of two or more firms considerably influence each others’ profits, in that case they are into a situation
Not technically an auction, however a posted-price procedure during which the auctioneer sets a worth and sells to the primary bidder willing to pay it. The auction ends as soon as
A practice analogous to price fixing in which auction members form a ring whose associates agree not to bid against each other, either by discarding the auction or by placing phony
Scenario The French thinker, Jean Jacques Rousseau, presented the subsequent state of affairs. 2 hunters will either jointly hunt a stag (an adult deer and rather massive meal)
A form of a Japanese auction (which is a form of an English auction) in which bidders hold down a button as the auctioneer frequently increases the current price. Bidders irrevocab
Matching Pennies Scenario To determine who is needed to try to to the nightly chores, 2 youngsters initial choose who are represented by "same" and who are represented by "diffe
How do I eliminate weakly dominated strategy
In a Variable add game, the add of all player's payoffs differs counting on the methods they utilize. this can be the other of a continuing add game during which all outcomes invol
Stanley is auctioning an item that he values at zero. Betty and Billy, the two potential buyers, each have independent private values which are drawn from a uniform distribution, P
Ordinally Symmetric Game Scenario Any game during which the identity of the player doesn't amendment the relative order of the ensuing payoffs facing that player. In different w
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