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:: Dynamic structure and estimation in economy-wide econometric models / FranklinM. Fisher, Massachuetts Institute of Technology - Cambridge, Mass. - U.S.A.

Collection:: Economics Books

TR PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 28 4.4. Robustness Thus neither large nor small sample properties under ideal conditions provide much guide for the choice of an estimator from the limited-information class in the present state of know- ledge. This is not entirely the case as regards the robustness of such estimators, however. KLEIN and NAKAMURA have shown that as a consequence of the stochastic nature of % in limited-information maximum likelihood, that estimator is more sensitive to multicollinearity than are the other members of the k-class (*). In the absence of other criteria, these seem grounds for abandoning limited-information maximum likelihood in practice in favor of some other limited-information estimator. There seem to be no very strong reasons, however, for choosing among the limited-information estimators other than maximum likelihood. The paper on robustness just mentioned indicates that these do not differ among themselves as regards this property (*!). Since two-stage least squares is the easiest of these estimators to compute and since it does provide a na- tural generalization of ordinary least squares in the presence of theoretically given normalization rules (2), it seems natural to choose it in the present state of our knowledge. 5. NEAR-CONSISTENCY, BLOCK-RECURSIVE SYSTEMS, AND THE CHOICE OF ELIGIBLE INSTRUMENTAL VARIABLES 5.1. Introduction In this section we begin the discussion of the choices of predetermined instrumental variables which are available and (°°) KLEIN and NAKAMURA [16]. (*') See also Fisuer [8] for proof that the same is true as regards sensi- tivity to specification error. (32) See Cuow [7]. 61 Fisher - pag. 24

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