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Discussion in the preceding section suggests that if we want to measure a given hnction belonging to a simultaneous-equations model, the hnction must be fairly stable over the sample period, that is, it must shift within a smaller range as compared with other relationships of the same model. In the last section we have shown that we can measure the supply function when it is fairly stable and the demand is shifting similarly we can measure the demand hnction if it is fairly stable while the supply hnction shows adequate variability. It can happen when the factor causing shift in one particular function is absent in another function. In other words, in order to identify the demand function, some factors absent from it but included in 'the supply function (or in other relations of the system) must be changing over the period of the sample.
Similarly, we can trace the supply function if it is fairly stable while demand shows enough variability. This implies that if the supply function is to be identified, some variables absent from it but affecting the demand function must be changing.
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
Identification is closely related to the estimation of the model. If an equation is identified, its coefficient can, in general, be statistically estimated. In particula
A simultaneous game is one during which all players build choices (or choose a strategy) while not information of the methods that are being chosen by different players. Although t
Rules of Snake Eyes (small variation on game called Craps in USA) Player rolls two dice. On the first roll if the total of the dice is 2 (snake eyes): player wins and rece
scenario A wife and husband ready to meet this evening, but cannot remember if they will be attending the opera or a boxing match. Husband prefers the boxing match and wife pref
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WHAT IS DYNAMIC GAME MODEL
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
The following is a payoff matrix for a non-cooperative simultaneous move game between 2 players. The payoffs are in the order (Player 1; Player 2): What is the Dominant Strat
Games with Strat e gic M ov es The ideas in this chapters can be brought to life and the students can better appreciate the subtleties of various strategic moves an
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