What is meant by identification in a simultaneous equation model? Check the identification status of the equations in the following model:
Demand function:
Supply function:
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What is meant by identification in a simultaneous equation model? Check the identification status of the equations in the following model:
Demand function:
Supply function:
Explain how estimators of a and ẞ can be obtained.
Dummy variable trap
While estimating a regression model you found that the explanatory variable is measured with certain error. Specify the model. What are its consequences on the parameters?
Consider the regression equation where u is a stochastic error term.
What is meant by heteroscedasticity? What are its consequences? How do you detect the presence of heteroscedasticity in a data set?
What algebraic properties do the estimators fulfil?