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Endogeneity Testing in a Supply and Demand Framework

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Author Info
Thurman, Walter N
Abstract

The powers of Wu-Hausman endogeneity tests are related to the normalization d ecision in estimating demand equations. Power is not invariant to the choice bet ween quantity and price as the dependent variable. A theoretical result due to N akamura and Nakamura_(1984) is used to explore the dependence of power on parame ters of the supply and demand system. The theoretical result is corroborated wit h a Monte Carlo experiment. The power results are used to analyze the U.S. deman d for poultry meat wherein price, but not quantity, is found to be predetermined Copyright 1986 by MIT Press.

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Publisher Info
Article provided by MIT Press in its journal Review of Economics & Statistics.

Volume (Year): 68 (1986)
Issue (Month): 4 (November)
Pages: 638-46
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Handle: RePEc:tpr:restat:v:68:y:1986:i:4:p:638-46

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  1. Park, Hoanjae & Thurman, Walter N. & Easley, J.E., Jr., 2004. "Modeling Inverse Demands For Fish: Empirical Welfare Measurement In Gulf And South Atlantic Fisheries," Marine Resource Economics, Marine Resources Foundation, vol. 19(3). [Downloadable!]
  2. Asche, Frank & Hannesson, Rognvaldur, 2002. "Allocation Of Fish Between Markets And Product Forms," Marine Resource Economics, Marine Resources Foundation, vol. 17(3). [Downloadable!]
  3. Lee, Youngjae & Kennedy, P. Lynn, 2008. "An Examination of Inverse Demand Models: An Application to the U.S. Crawfish Industry," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 37(2), October. [Downloadable!]
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