Working paper
When are Supply and Demand Determined Recursively Rather than Simultaneously? Another look at the Fulton Fish Market Data.
- Abstract:
-
When a supply and demand model is recursive, with errors uncorrelated across the two equations, ordinary least squares (OLS) is the recommended estimation procedure. Supply to a daily fish market is determined by the previous night’s catch, so this would appear to be a good example of a recursive market. Despite this, data from the Fulton fish market are treated in the literature, without explanation, as coming from a simultaneous-equations market. We provide the missing explanation: inventor...
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Bibliographic Details
- Publisher:
- Department of Economics (University of Oxford)
- Series:
- Discussion paper series
- Publication date:
- 2006-01-01
Item Description
- Language:
- English
- UUID:
-
uuid:c8eed960-3172-45f8-93db-e4dc8a58997a
- Local pid:
- ora:1336
- Deposit date:
- 2011-08-16
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- Copyright date:
- 2006
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