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Misspecification in Simultaneous Systems: An Alternative Test and Its Application to a Model of the Shrimp Market

Author

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  • Lea, J. D.
  • Shonkwiler, J. S.

Abstract

Concern over the effects of public policies based on misspecified econometric models motivates interest in a procedure to test, diagnose, and improve the specification of models that have been estimated with three-stage least squares. A test of system-wide specification based on Hausman's specification test is employed in a test of the a priori restrictions placed on the parameters of a structural model of the U.S. shrimp market. The null hypothesis of proper specification is rejected. After diagnosis via a comparison of unrestricted and restricted reduced forms and respecification, the null hypothesis cannot be rejected.

Suggested Citation

  • Lea, J. D. & Shonkwiler, J. S., 1988. "Misspecification in Simultaneous Systems: An Alternative Test and Its Application to a Model of the Shrimp Market," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 20(2), pages 65-72, December.
    • Handle: RePEc:cup:jagaec:v:20:y:1988:i:02:p:65-72_01
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