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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.

dotted line which passes through the two observed equilibria has a slope substantially different than the demand curve. If the disturbances mostly shift the demand curve and leave the supply curve unchanged, then the equilibria will te nd to map out the supply curve. Only if the disturbances mostly

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