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- W1969999850 abstract "In this paper, a general model of disequilibrium quantity determination under median regression assumptions is combined with weak assumptions on the price adjustment to yield a consistent maximum score estimator. In contrast to Sapra (1986), the supply and demand parameters are separately identifiable and the estimator employs all of the observed data. The price adjustment assumptions can be motivated by the anticipatory pricing model of Green and Laffont (1981). In contrast to the Green–Laffont model, however, our assumptions only require that long-run Walrasian prices have positive probability. As an illustrative application, maximum score estimates of a model of the US commercial loan market are computed and compared to maximum likelihood estimates. Monte Carlo results are also reported." @default.
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- W1969999850 date "1998-11-01" @default.
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- W1969999850 title "Maximum score estimation of disequilibrium models and the role of anticipatory price-setting" @default.
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