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CHAPTER 6. SIMULTANEOUS EQUATIONS

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1Economics 240B Daniel McFadden 1999CHAPTER 6. SIMULTANEOUS EQUATIONS1. INTRODUCTIONEconomic systems are usually described in terms of the behavior of various economic agents,and the equilibrium that results when these behaviors are reconciled. For example, the operation ofthe market for economists might be described in terms of demand behavior, supply behavior,and equilibrium levels of employment and wages. The market clearing process feeds back wagesinto the behavioral EQUATIONS for demand and supply, creating SIMULTANEOUS or joint determinationof the equilibrium quantities. This causes econometric problems of correlation between explanatoryvariables and disturbances in estimation of behavioral 1. In the market for economists, let q = number employed, w = wage rate,s = college enrollment, and m = the median income of lawyers.

and equilibrium levels of employment and wages. The market clearing process feeds back wages into the behavioral equations for demand and supply, creating simultaneous or joint determination of the equilibrium quantities. This causes econom etric problems of correla tion between explanatory

  Determination, Simultaneous, Equilibrium

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