Max E. Jerrell () (College of Business Administration, Northern Arizona University)
Abstract
Fair and Jaffeen[Fair and Jaffee1972] considered the econometrics of models of markets which were not in equilibrium. The estimation of disequilibrium models has proved difficult. Because of this the model was chosen to be a member of a test suite of optimization problems by Dorsey and Mayern[Dorsey a nd Mayer1955] to compare various optimization techniques. Dorsey and Mayer were chiefly interested in evaluating newly developed global optimization techniques, particularly simulated annealing and genetic algorithms as applied to troubling problems. They find that the disequilibrium model also was a difficult estimation problem for both simulated annealing and genetic algorithms. They do not report success for either technique.
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