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Estimation and Identification of Structural Parameters in the Presence of Mutiple Equilibria

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  • Russell W. Cooper

Abstract

This paper studies quantitative implications of model economies that exhibit multiple equilibria. The goal is to assess two interrelated issues. First, do economies with multiple equilibria have falsifiable predictions? Second, is identification possible in economies that exhibit multiple equilibria? Put differently, are these economies observationally equivalent to economies with unique equilibria? We raise these questions within a general framework and then study a series of examples to determine how the existing literature has addressed them.

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  • Russell W. Cooper, 2002. "Estimation and Identification of Structural Parameters in the Presence of Mutiple Equilibria," Annals of Economics and Statistics, GENES, issue 66, pages 1-26.
    • Handle: RePEc:adr:anecst:y:2002:i:66:p:1-26
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    File URL: http://www.jstor.org/stable/20076326
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    Cited by:

    1. C.Mónica Capra & Tomomi Tanaka & ColinF. Camerer & Lauren Feiler & Veronica Sovero & CharlesN. Noussair, 2009. "The Impact of Simple Institutions in Experimental Economies with Poverty Traps," Economic Journal, Royal Economic Society, vol. 119(539), pages 977-1009, July.
    2. Donald R. Davis & David E. Weinstein, 2008. "A Search For Multiple Equilibria In Urban Industrial Structure," Journal of Regional Science, Wiley Blackwell, vol. 48(1), pages 29-65, February.
    3. Karp, Larry & Paul, Thierry, 2005. "Friction and the Multiplicity of Equilibria," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt1r57v43d, Department of Agricultural & Resource Economics, UC Berkeley.
    4. Giovanni Compiani & Yuichi Kitamura, 2016. "Using mixtures in econometric models: a brief review and some new results," Econometrics Journal, Royal Economic Society, vol. 19(3), pages 95-127, October.
    5. Thomas A. Lubik & Frank Schorfheide, 2004. "Testing for Indeterminacy: An Application to U.S. Monetary Policy," American Economic Review, American Economic Association, vol. 94(1), pages 190-217, March.
    6. van den Berg, Gerard J., 2007. "On the uniqueness of optimal prices set by monopolistic sellers," Journal of Econometrics, Elsevier, vol. 141(2), pages 482-491, December.
    7. Jesús Fernández-Villaverde, 2010. "The econometrics of DSGE models," SERIEs: Journal of the Spanish Economic Association, Springer;Spanish Economic Association, vol. 1(1), pages 3-49, March.
    8. Fukuda, Daisuke & Morichi, Shigeru, 2007. "Incorporating aggregate behavior in an individual's discrete choice: An application to analyzing illegal bicycle parking behavior," Transportation Research Part A: Policy and Practice, Elsevier, vol. 41(4), pages 313-325, May.
    9. Thomas Lubik & Frank Schorfheide, 2002. "Testing for Indeterminacy in Linear Rational Expectations Models," Computing in Economics and Finance 2002 214, Society for Computational Economics.
    10. Wirl, Franz & Feichtinger, Gustav, 2005. "History dependence in concave economies," Journal of Economic Behavior & Organization, Elsevier, vol. 57(4), pages 390-407, August.
    11. Ozkaya, Ata, 2013. "The Domestic Debt Intolerance and Bad Equilibrium: An Empirical Default Model," GIAM Working Papers 13-1, Galatasaray University Economic Research Center.

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