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Asymmetric “Min” Condition and Estimation for Disequilibrium Markets: Comment

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  • John P Burkett

Abstract

The fact that output is seldom limited by demand in centrally planned economies may, as Chang (1992) rightly stresses, simplify the task of modeling non-clearing markets. However, there are two grounds for skepticism about Chang's model of the market for consumption goods in China. First, his use of unadjusted output as a proxy for supply is suspect. Second, his consumption function and his disequilibrium indicator function are consistent only under restrictive and unverifiable conditions on variables determined outside of the model.

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  • John P Burkett, 1993. "Asymmetric “Min” Condition and Estimation for Disequilibrium Markets: Comment," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 35(3), pages 49-52, September.
  • Handle: RePEc:pal:compes:v:35:y:1993:i:3:p:49-52
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