Study week on the econometric approach to development planning

Bibliographic data

Monograph

Identifikator:: 1824422792

URN:: urn:nbn:de:zbw-retromon-217476

Document type:: Monograph

Title:: Study week on the econometric approach to development planning

Place of publication:: Amsterdam [u.a.]

Publisher:: North-Holland Publ. Co. [u.a.]

Year of publication:: 1965

Scope:: XLVII, 1259 S.; graph. Darst.

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Toward a verdict on macroeconomic simultaneous equations / Herman O.A. Wold, Universitets Statistika Institution - Uppsala - Sverige

Collection:: Economics Books

134 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 2° of a VR-system, And CC-systems, too, are of general scope in the same sense. Here the substitutional design referred to in 1.2 (2), is the salient point. Thanks to this design it is pos- sible to carry through the specifications (13) of the primary form and (17) of the reduced form in terms of conditional expectations, although this bi-expectational specification of CC-systems might seem highly restrictive at first sight. At the same time the substitutional design marks the limit beyond which the generalization from VR-systems in the direction of CC- and ID-systems cannot be pushed without losing the bi-expectational property. Hence, as noted in 1.4 (2), ID- systems in general are not bi-expectational. Another important property that goes lost in the generalization from CC- to ID- systems is the optimality with regard to minimum-delay of information. 2. ENDS AND MEANS IN THE TRANSITION FROM DETERMINISTIC TO STOCHASTIC APPROACHES Whe shall in this section consider a number of situations that are special instances of the universal mathematical rule that generalization of a theoretical model is always accompanied by attenuation of inference from the model. The theorems rele- vant to the argument of this section belong to the foundations of probability theory; thus (50) goes back to the beginnings of correlation and regression analysis around 1900, and the origin of (41) is still more remote. 2.1. A review of basic notions. The transition from deterministic to stochastic specification is a radical generalization of a theoretical model, and the ensuing attenuation of inference goes down to the very foun- dations of model building. To emphasize the basic arguments we shall start from scratch and give some few simple illustra- 2] Wold - pag. 20

Access restriction

Copyright

fullscreen: Study week on the econometric approach to development planning

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation