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Identification is closely related to the estimation of the model.
If an equation is identified, its coefficient can, in general, be statistically estimated. In particular:
(a) If the equation is exactly identified, the appropriate method to be used for its estimation is the method of indirect least squares.
(b) If the equation is over-identified, indirect least squares cannot be applied, because it will not yield unique estimates of the structural parameters. There are various other methods which can be used in this case, for example two-stage least squares (2SLS), or maximum likelihood methods.
For the section on dynamic games of competition, you can begin by asking if anyone in the class has played competi- tive tennis (club or collegiate or better); there is usually one
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
A strategy is dominated if, no matter what the other players do, the strategy earns a player a smaller payoff than another strategy. Hence, a method is dominated if it's invariably
GAME 5 All-Pay Acution of $10 Everyone plays. Show the students a $10 bill, and announce that it is the prize; the known value of the prize guarantees that there is no winer’s
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GAME 3 Bargaining Two players A and B are chosen. Player A offers a split of a dollar (whole dimes only). If B agrees, both get paid the agreed coins and the game is over. If
Combining Simultaneous and Sequential Moves The material in this chapter covers a variety of issues that require some knowledge of the analysis of both sequential- move
Rollback equilibrium (b) In the rollback equilibrium, A and B vote For while C and D vote Against; this leads to payoffs of (3, 4, 3, 4). The complete equil
Paired Prisoners' Dilemma Students can be paired off and instructed to play several ver-sions of a particular game with a prisoners' dilemma structure.Provide each pair with a
Any participant in a very game who (i) contains a nontrivial set of methods (more than one) and (ii) Selects among the methods primarily based on payoffs. If a player is non
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