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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.
Problem: Consider a (simplified) game played between a pitcher (who chooses between throwing a fastball or a curve) and a batter (who chooses which pitch to expect). The batter ha
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
Leadership in an Oil Production Game Students can be broken into pairs to play this game once, witheach student's representing one country; then each shouldswitch partners and
A reserve worth is that the minimum acceptable bid in an auction. If no bidder submits a bid higher than the reserve worth, the auctioneer keeps the item offered for sale. Alternat
Consider the Cournot duopoly model in which two rms, 1 and 2, simultaneously choose the quantities they will sell in the market, q 1 and q 2 . The price each receives for each uni
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
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Tower defense - is a subgenre of real-time strategy games. The goal of tower defense games is to try to stop enemies from crossing a map by building towers which shoot at them as t
A Nash equilibrium, named when John Nash, may be a set of methods, one for every player, such that no player has incentive to unilaterally amendment her action. Players are in equi
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