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...
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Format: | Working paper |
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University of Oxford
2006
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