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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.
Consider the following three games (Chicken, Matching Pennies, Stag Hunt): Chicken Player 2 Player 1 D V D -100;-100 10;-10 V -10; 10 -1;-1 Matching Pennies Pla
A strategy consisting of potential moves and a chance distribution (collection of weights) that corresponds to how frequently every move is to be played. A player would solely use
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
Two individuals use a common resource (a river or a forest, for example) to produce output. The more the resource is used, the less output any given individual can produce. Denote
A class of games of imperfect data during which one player (the principal) tries to supply incentives to the opposite (the agent) to encourage the agent to act within the principal
A mixed strategy during which the player assigns strictly positive chance to each pure strategy.Morgenstern, Oskar,Coauthor of Theory of Games and Economic Behavior with John von N
Scenario As described by William Poundstone, imagine that you just notice that electricity has gone out for your entire neighborhood. the electrical company can send somebody to
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
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
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