When are supply and demand determined recursively rather than simultaneously? Another look at the Fulton Fish Market data
When a supply and demand model is recursive, with errors uncorrelated across the two equations, ordinary least square (OLS) is the recommended estimation procedure. Supply to a daily fish market is determined by the previous night's catch, so this would appear to be a good example of a recursiv...
| Main Authors: | , |
|---|---|
| Format: | Working paper |
| Published: |
University of Oxford
2006
|
