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Misspecification In Simultaneous Systems: An Alternative Test And Its Application To A Model Of The Shrimp Market

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Author Info
Lea, J.D.
Shonkwiler, J.S.

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Abstract

Concern over the effects of public policies based on misspecified econometric models motivates interest in a procedure to test, diagnose, and improve the specification of models that have been estimated with three-stage least squares. A test of system-wide specification based on Hausman’s specification test is employed in a test of the a priori restrictions placed on the parameters of a structural model of the U.S. shrimp market. The null hypothesis of proper specification is rejected. After diagnosis via a comparison of unrestricted and restricted reduced forms and respecification, the null hypothesis cannot be rejected.

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Article provided by Southern Agricultural Economics Association in its journal Southern Journal of Agricultural Economics.

Volume (Year): 20 (1988)
Issue (Month): 02 (December)
Pages:
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Handle: RePEc:ags:sojoae:29267

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Keywords: Research Methods/ Statistical Methods;

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  1. Kramer, Walter & Sonnberger, Harald, 1986. "Computational pitfalls of the Hausman test," Journal of Economic Dynamics and Control, Elsevier, vol. 10(1-2), pages 163-165, June. [Downloadable!] (restricted)
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  1. Gillig, Dhazn & Capps, Oral, Jr. & Griffin, Wade L., 1998. "Shrimp Ex-Vessel Prices Landed From The Gulf Of Mexico," Marine Resource Economics, Marine Resources Foundation, vol. 13(2). [Downloadable!]
  2. Herrmann, Mark & Mittelhammer, Ron C. & Lin, Biing-Hwan, 1992. "Applying Almon-Type Polynomials in Modelling Seasonality of the Japanese Demand for Salmon," Marine Resource Economics, Marine Resources Foundation, vol. 7(1). [Downloadable!]
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