Wirtschaft als Leben

Allgemeine Gesellschaftslehre

Bibliographic data

Monograph

Identifikator:: 1027869556

URN:: urn:nbn:de:zbw-retromon-48255

Document type:: Monograph

Author:: Gottl-Ottlilienfeld, Friedrich von http://d-nb.info/gnd/118809040

Title:: Wirtschaft als Leben

Place of publication:: Jena

Publisher:: Verlag von Gustav Fischer

Year of publication:: 1925

Scope:: 1 Online-Ressource (XXXII, 763 Seiten)

Digitisation:: 2018

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Der Wertgedanke ein verhülltes Dogma der Nationalölonomie

Collection:: Economics Books

392 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 28 squares will be inconsistent for at least one equation in the model. What is less often realized in practice is the role played by the assumptions on the disturbances. Because of the simplicity and other advantages of ordinary least squares, there is a na- tural tendency to settle for a triangular A and to overlook the fact that such triangularity does not suffice to make ordinary least squares consistent (%). To see that such assumptions are generally required, con- sider first the assumption that V(o) is diagonal. If this fails, then (2.5) shows that W(0) cannot generally be taken to be triangular, whence ordinary least squares will be inconsistent. This corresponds to the intuitive idea that if a high-numbered and a low-numbered disturbance are correlated, the endogenous variable corresponding to the low-numbered disturbance can- not be taken to be uncorrelated with the high-numbered disturb- ance even if thre is no direct influence through the explicit equations of the model. Indeed, not only is the diagonality of V(o) required for the consistency of ordinary least squares, but also, if nothing more is known of the coefficients of the model save that A is triangular, such an assumption is neces- sary for the very identifiability of the equations (°). It is possible, however, to alter the assumption of no serial correlation. Clearly, this enters in both (2.5) and (2.6) because y,_ appears in the model. If this were not the case, the as- sumption in question would not be needed for consistency. In most econometric models, however, and certainly in eco- nomy-wide ones, lagged values of the endogenous variables do in fact appear. We are nevertheless able to weaken the no- serial-correlation assumption (R.3) to: (R.3*) B (as well as A) is triangular with zeros above the diagonal, and for all 0>o, V(0) is triangular with the same arrangement of zeros so that high-numbered disturbances are () In fairness, it should be pointed out that Worp’s theoretical writings are entirely clear on this point. See Worp 36, pp. 358-359], for example. (®) See F1sHER [10] ‘6] Fisher - pag. 8

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