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Simultaneous Equation Econometrics: The Missing Example

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For introductory presentation of issues involving identification and estimation of simultaneous equation systems, a natural vehicle is a model consisting of supply and demand relationships to explain price and quantity variables for a single good. One would accordingly expect to find in introductory econometrics textbooks a supply-demand example featuring actual data in which structural estimation methods yield more satisfactory results than ordinary least squares. In a search of 26 existing textbooks, however, we have found no such example-indeed, no example with actual data in which all parameter estimates are of the proper sign and statistically significant. This absence is documented in the present paper. Its main contribution, however, is the development of a simple but satisfying example, for broiler chickens, based on U.S. annual data over 1960-1999.

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Paper provided by Carnegie Mellon University, Tepper School of Business in its series GSIA Working Papers with number 2004-E6.

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Handle: RePEc:cmu:gsiawp:-1132963504

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Postal: Tepper School of Business, Carnegie Mellon University, 5000 Forbes Avenue, Pittsburgh, PA 15213-3890
Web page: http://www.tepper.cmu.edu/

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Cited by:
  1. Mutz,Christine & Ziesemer,Thomas, 2005. "Simultaneous Estimation of Income and Price Elasticities of Export Demand, Scale Economies and Total Factor Productivity Growth for Brazil," Research Memorandum 004, Maastricht University, Maastricht Economic Research Institute on Innovation and Technology (MERIT).
  2. Iimi, Atsushi, 2007. "Infrastructure and trade preferences for the livestock sector : empirical evidence from the beef industry in Africa," Policy Research Working Paper Series 4201, The World Bank.
  3. Ziesemer, Thomas, 2010. "From Trends in Commodities and Manufactures to Country Terms of Trade," MERIT Working Papers 022, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
  4. Ziesemer, Thomas, 2011. "What Changes Gini Coefficients of Education? On the dynamic interaction between education, its distribution and growth," MERIT Working Papers 053, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
  5. Ziesemer, Thomas, 2011. "Country terms of trade: Trends, unit roots, over-differencing, endogeneity, time dummies, and heterogeneity," MERIT Working Papers 065, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).

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