Dynamic Positive Equilibrium Problem
The Dynamic Positive Equilibrium Problem (DPEP) is a methodology for dealing with time series about economic agents decisions, regardless of the amount of available information. The approach is articulated in three phases, as in the static counterpart Symmetric Positive Equilibrium Problem (SPEP), with the variant that it must be preceded by the estimation of the equation of motion which characterizes a dynamic model. Furthermore, the definition of marginal cost in the DPEP model is different from the same notion in the static SPEP. In this paper, the DPEP approach was applied to a panel data dealing with annual crops from California agriculture for a horizon of eight years. The dynamic character of the DPEP model is based upon then assumption of output price adaptive expectations that follows a Nerlove-type specification.
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- Quirino Paris, 2001. "Symmetric Positive Equilibrium Problem: A Framework for Rationalizing Economic Behavior with Limited Information," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(4), pages 1049-1061.
- Golan, Amos & Judge, George G. & Miller, Douglas, 1996. "Maximum Entropy Econometrics," Staff General Research Papers Archive 1488, Iowa State University, Department of Economics.
- Caputo, Michael R. & Paris, Quirino, 2008. "Comparative statics of the generalized maximum entropy estimator of the general linear model," European Journal of Operational Research, Elsevier, vol. 185(1), pages 195-203, February.
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