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Identification is closely related to the estimation of the model.
If an equation is identified, its coefficient can, in general, be statistically estimated. In particular:
(a) If the equation is exactly identified, the appropriate method to be used for its estimation is the method of indirect least squares.
(b) If the equation is over-identified, indirect least squares cannot be applied, because it will not yield unique estimates of the structural parameters. There are various other methods which can be used in this case, for example two-stage least squares (2SLS), or maximum likelihood methods.
Backward induction is an iterative procedure for resolving finite general form or sequential games. First, one decides the finest policy of the player who makes the last move of th
A proxy bidder represents the interests of a bidder not physically gift at the auction. Typically, the bidder can inform his proxy of the most quantity he's willing to pay, and als
For the section on dynamic games of competition, you can begin by asking if anyone in the class has played competi- tive tennis (club or collegiate or better); there is usually one
GAME 4 Auctioning a Penny Jar (Winner’s Curse) Show a jar of pennies; pass it around so each student can have a closer look and form an estimate of the contents. Show the stud
A participant in a very game who selects from among her methods randomly, primarily based on some predetermined chance distribution, instead of strategically, primarily based on pa
Game Theory: (prisoner's dilemma) Consider the following 2 x 2 pricing game, where rms choose whether to price High or Low simultaneously. Find the equilibrium in dominant s
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A trigger strategy sometimes applied to repeated prisoner's dilemmas during which a player begins by cooperating within the initial amount, and continues to cooperate till one defe
1. Consider two firms producing an identical product in a market where the demand is described by p = 1; 200 2Y. The corresponding cost functions are c 1 (y 1 ) = y 2 1 and c 2
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