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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.
The ideas underlying game theory have appeared throughout history, apparent within the bible, the Talmud, the works of Descartes and Sun Tzu, and also the writings of Chales Darwin
Something in a very game is Mutual information if all players realize it. A seemingly straightforward concept, mutual information is insufficient to research most games, since it's
The interaction among rational, mutually aware players, where the choices of some players impacts the payoffs of others. A game is described by its players, every player's methods,
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
A sequential game is one among imperfect data if a player doesn't grasp precisely what actions different players took up to that time. Technically, there exists a minimum of one da
How much time you want to spend on this material willdepend on the focus of your course. For many social sciencecourses, a general exposure to the ideas, based on a quick runthroug
In Bontemps, Louisiana there are only two places to spend time: Merlotte's bar and Fangtasia. Sookie and Eric have made plans to spend Friday night together, but they never decided
You and an opponent are seated at a table, and on the table is a square board. At each of the four corners of the board, there is a disc, each one red on one side and black on the
The most basic version of a LIV allows the executive office holder (Governor or President) to accept part of a bill passed by the legislature (so that part becomes law) and to veto
Scenario To determine who is needed to try to to the nightly chores, 2 youngsters simultaneously build one among 3 symbols with their fists - a rock, paper, or scissors. straigh
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