8. Methods
Object category:
Elektronische Ressource
Date:
2008
Language:
Englisch
Providing institution:
Additional information
Abstract:
The two entries in this part provide examples of the use of experiments to calibrate or evaluate standard methodologies used in field or experimental economic analysis. The first arises from a standard econometric method used in the analysis of empirical field data; the second arises from the need in some experimental contexts to control for risk aversion, particularly when it is desired to test the predictions of decision models that assume risk neutral decision making agents. One of the most elementary theorems in econometrics is that ordinary least squares estimators are inconsistent, while two stage least squares estimates are consistent estimators of simultaneous equation parameters. The canonical problem is to estimate the unknown parameters of supply and demand from market observations. The theorem is derived from the assumption that the data are generated by observations on a competitive equilibrium with zero-mean random error.
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Contact
Universität Erfurt
Forschungsbibliothek Gotha
Schloss Friedenstein
Schlossplatz 1
99867 Gotha
+49 361 737-5540
bibliothek.gotha(at)uni-erfurt.de
Forschungsbibliothek Gotha
Schloss Friedenstein
Schlossplatz 1
99867 Gotha
+49 361 737-5540
bibliothek.gotha(at)uni-erfurt.de
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Created:
2023-04-13
Last changed:
2023-01-20
Added to portal:
2023-04-13
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