The following sections are included:INTRODUCTIONSTABILITY OF DISTRIBUTED LAG MODELS IN THE MORISHIMA CASECONCLUSIONS AND EXTENSIONSREFERENCES(This abstract was borrowed from another version of this item.)
[A general equilibrium trade model with more produced commodities than factors is specified under the assumption that industry production functions are homothetic. The main issue under consideration is that of local and global determinateness of the economy's production pattern. The paper also examines the impact of exogenous commodity price and endowment changes on output levels and factor returns.]
Le but de ce papier est d'etendre les resultats de W. Hildenbrand relatifs aux production economy quand a chaque coalition est associe un vecteur (dans un espace de parametres biens non-marchands) qui determine son ensemble de production. Si cette dependance est a rendements constants, l'ensemble des equilibres de Walras de l'&conomie est non vide et (si chaque agent a une influence negligeable) egal au noyau. Nous donnerons aussi une condition necessaire et suffisante pour que l'ensemble des equilibres de Walras soit non vide mais dans ce cas un exemple montre que nous ne pouvons esperer avoir de theoreme d'egalite.
[This paper is concerned with the estimation of a system of simultaneous linear differential equations that involves predetermined variables. The system is replaced by a discrete approximation that is most conveniently handled in the frequency domain. Our method of estimation is nonlinear least squares. We state conditions under which the estimators will have asymptotically desirable properties. The most notable of these is an aliasing condition on the predetermined variables.]
Silvey [10]. For a model with nonstochastic regressors we show that a systematic inequality relation exists among the test statistics; namely, the value of the Wald statistic is greater than or equal to that of the LR statistic which, in turn, is greater than or equal to that of the LM statistic. When the null hypothesis is true, we find that the Wald, LR, and LM test statistics have identical limiting chi-square distributions. Since for a large sample test the three procedures employ the same critical region, the inequality relation among the test statistics implies that there exists a significance level such that the tests will produce conflicting inferences. These results are parallel to those obtained by Berndt and Savin [2] in the context of a multivariate regression model with independent disturbance vectors. We also consider the Wald and LR tests for a model with a lagged dependent variable. In this case the Wald statistic is not the same as in the nonstochastic regressor case with the result that the inequality between the Wald and LR test statistics no longer holds. We conclude the paper with an empirical example which illustrates the relation among the test statistics.
[This paper investigates the justification for the competitive assumption that consumers will act as price takers by considering the utility gain an individual can achieve by manipulating price formation through the use of non-competitive behavior. Although announcing one's competitive demand is generally not a best replay against the excess demand of the rest of the economy, we show that, as the number of consumers becomes large, the gain any one can achieve acting monopolistically goes to zero if the increase in numbers comes through replication or if the sequence of economies converges to an economy at which the equilibrium price correspondence is continuous.]
DISCUSSIONS OF IDENTIFICATION of parameters in simultaneous equation econometric models almost invariably assume that data are in the form of aggregative time series, i.e., only one measurement of each variable is available in each time period. This note shows that parameters in a model which is underidentified by the usual rank and order criteria at the aggregative level may be identified when disaggregated data aie available. The argument is presented in terms of a traditional textbook example of an underidentified model which consists of a demand and a supply function for a single commodity that are linear in price, and a market clearing equilibrium equation.