Random coefficient models: theory and applications
AbstractThis paper provides an overview of the rationale behind, and the implementation, and uses of, the random coefficient approach to econometric modeling. A simple random coefficient model is presented, and methods for estimating, testing, and validating such a model are described. A more general model is then presented. The general model is shown to include several fixed-coefficient models as special cases and can be estimated incorporating a variety of judgements concerning simplification. Finally, the paper reviews recent applications of random coefficient estimation. Copyright 1995 by Blackwell Publishers Ltd
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Bibliographic InfoPaper provided by Board of Governors of the Federal Reserve System (U.S.) in its series Finance and Economics Discussion Series with number 93-14.
Date of creation: 1993
Date of revision:
Other versions of this item:
- Swamy, P A V B & Tavlas, George S, 1995. " Random Coefficient Models: Theory and Applications," Journal of Economic Surveys, Wiley Blackwell, vol. 9(2), pages 165-96, June.
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