Estimating the Behavior of an Actual Market System with a Stream of Relations and Simulation Experiments

  • Tae Ho Kim (Department of Statistics, Chungbuk National Universituy, Cheongju, 360-763, Korea)
  • Published : 1997.08.01

Abstract

When a modeling process is applied to an actual commodity market in the real world, interactions over closely related commodities through the marketing channel should also be formulated into the model to reflect the information that exists in the whole market system, otherwise unreliable estimates and test statistics may be produced by ignoring those effects. Single-equation type model in this case tends to yield inefficient estimates, and sometimes biased and inconsistent, which will mislead us. A system of equation method to examine the structure of the imported commodity market system is developed and its emtirical results are analyzed, then followed by some policy experiments and its implications.

Keywords

References

  1. Journal of Econometrics v.27 Homogeneity and Endogeneity in System of Demand Equations Attfield;Clifford, L.F.
  2. Journal of Econometrics v.48 Estimation and Testing When Explanatory Variables are Endogeneous Attfield;Clifford, L.F.
  3. Review of Economics and Statistics v.68 Tje Canadian-U.S. Exchange Rate Backus;David
  4. Ameri. J. of Agri. Econ. Effects of Exchange Rate Changes on U.S. Agriculture : A Dynamic Analysis Chambers;Robert G.;Richard E. Just.
  5. Review of Economics and Statistics v.62 A Test of the Capacity Pressure Hypothesis within a Simultaneous Equation Model of Export Preformance Dunlevy, James A.
  6. The Role of Exchange Rate in Trade Models in Elasticities in International Agricultural Trade Dutton, John;Thomas Grennes;Carter, Colin A(ed.);Walter H. Gardiner(ed.)
  7. Review of Economics and Statistics v.64 An Empirical Demand and Supply Model of Multilateral Teade Geraci, Vincent J.;Wilfried Prewo
  8. Review of Economics and Statistics v.60 The Supply and Demand for Exports : A Simultaneous Approach Goldstein, Morris;Moshin S. Kahn
  9. Econometrica v.46 Specification Tests in Econometrics Hausman, J.Y.
  10. Review of Economics and Statistics v.65 Specification of Supply Behavior in International Trade Haynes, Stephen E.;Jow A. Stone
  11. International Financial Statistics : Supplement on Trade Statistics IMF
  12. International Financial Statistics : Supplement on Price Statistics. Series #12 IMF
  13. International Financial Statistics Year Book IMF
  14. The Theory and Practice of Econometrics(2nd Edition) Judge, George G.;R. Carter Hill;William E. Griffiths;Helmut Lutkepohl;Tsoung-Chao Lee
  15. Elements of Econometrics Kmenta, J.
  16. Grain Policy Data Ministry of Agriculture, Forestry, and Fisheries
  17. Major Statistics Ministry of Agriculture, Forestry, and Fisheries
  18. Review of Economics and Statistics v.58 An Empirical Examination of Traditional Aggregate Import Demand Model Murray, Tracy;Peter J. Ginman
  19. Econometirc Models and Economic Forecasts(3rd Edition) Pindyck, Robert S.;Daniel L. Rubinfeld
  20. Applied Econometrics Rao, P.;R.L. Miller
  21. User;s Reference Manual(Version 7.0) SHAZAM
  22. Review of the International Statistical Institute v.25 Specification Errors and the Estimation of Economic Relationships Theil, H.
  23. Review of the International and Statistics v.68 Endogeneity Testing in a Supply and Demand Framework Thurman, Walter N.
  24. Review of Sconomics and Statistics v.65 How Reliale are Simple, Single Equation Specifications of Impoty Demand? Thursby, Jerry;Marie Thursby
  25. Review of Economics and Statistics v.64 Determinants of International Trade Flows Warner, Dennis;Mordechai E. Kreinin
  26. Review of Economics and Statistics v.61 Differential Response to Price and Exchange Rate Influences in the Foreign Trade of Selected Industrial Countries Wilson John F.;Wendy E. Takacs
  27. Econometrica v.41 Alternative Tests of Independence between Stochastic Regressors and Disturbances Wu, De-Min
  28. Review of Economics and Statistics v.68 Export Foreign Market Structure and Profitability in Japanese and U,S, Manufacturing Yamawaki, Hedeki
  29. J. Amer. Statist. Ass. v.57 An Efficient Method of Estimating Seemungly Unrelated Regressions and Tests for Aggregation Bias Zeller, A.