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Endogeneity Testing in a Supply and Demand Framework

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  • Thurman, Walter N
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    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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    Bibliographic 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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    Web page: http://mitpress.mit.edu/journals/

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    Web: http://mitpress.mit.edu/journal-home.tcl?issn=00346535

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    Cited by:
    1. Park, Hoanjae & Thurman, Walter N. & Easley, James 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).
    2. Lee, Young-Jae & Kennedy, P. Lynn, 2013. "Quantity And Exchange Rate Effects On U.S. Trout Prices," 2013 Annual Meeting, February 2-5, 2013, Orlando, Florida 142133, Southern Agricultural Economics Association.
    3. Asche, Frank & Hannesson, Rognvaldur, 2002. "Allocation Of Fish Between Markets And Product Forms," Marine Resource Economics, Marine Resources Foundation, vol. 17(3).
    4. Nakamura, Alice & Nakamura, Masao, 1998. "Model specification and endogeneity," Journal of Econometrics, Elsevier, vol. 83(1-2), pages 213-237.
    5. Jan F. KIVIET & Milan PLEUS, 2012. "The performance of tests on endogeneity of subsets of explanatory variables scanned by simulation," Economic Growth centre Working Paper Series 1208, Nanyang Technolgical University, School of Humanities and Social Sciences, Economic Growth centre.
    6. Roger A. Dahlgran & Dean G. Fairchild, 2002. "The demand impacts of chicken contamination publicity-a case study," Agribusiness, John Wiley & Sons, Ltd., vol. 18(4), pages 459-474.
    7. Lee, Young-Jae & 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.

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