Journal ArticleDOI
Disequilibrium Estimation of the Demand for Copper
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In this paper, the Tobit model was used to estimate the demand for refined copper in the United States, taking account of the fact that, during much of the sample period, copper supplies were rationed.Abstract:
In this paper we estimate the demand for refined copper in the United States, taking account of the fact that, during much of the sample period, copper supplies were rationed. The model employed here, which is closely related to the Tobit model, is much simpler than those models previously used for disequilibrium estimation. Our empirical results are consistent with institutional evidence on the existence of rationing and suggest that conventional estimates of the demand for copper, which implicitly assume that the market is always in equilibrium, are severely biased.read more
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An Exogeneity Test for a Simultaneous Equation Tobit Model with an Application to Labor Supply
Richard Smith,Richard Blundell +1 more
TL;DR: In this article, a test of weak exogeneity in the simultaneous equation Tobit model is proposed and illustrated using a female labour supply model estimated using cross-section data, which can be simply output from any standard Tobit maximum likelihood package, and is asymptotically efficient.
Journal Article
Disequilibrium, self-selection, and switching models
TL;DR: In this paper, the authors outline the similarities in the structure of self-selectivity models and disequilibrium models and argue that not much attention is devoted to the reasons for the existence of disequilibria.
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Econometric disequilibrium models
TL;DR: In this article, four basic strands in the disequilibrium literature are identified and the canonical econometric model and its estimation are dealt with in detail, specific criticisms of the canonical model, dealing with price and wage rigidity, with the nature of the min condition and the price-adjustment equation, are considered and a variety of modifications are entertained.
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Market Structure, Marketing Method, and Price Instability
TL;DR: In this paper, the relationship between the organization of markets and the behavior of prices is analyzed for metals sold on commodity exchanges and at prices set by producers, and it is shown that markets where buyers are consumers have more stable prices than those with consumers and speculators.
Journal ArticleDOI
Econometric modelling of non‐ferrous metal prices
Clinton Watkins,Michael McAleer +1 more
TL;DR: In this article, the significance of the empirical models and the distributional properties of prices in nonferrous metal spots and futures markets published in leading refereed economics and finance journals between 1980 and 2002 was evaluated.
References
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Journal ArticleDOI
Specification Tests in Econometrics
TL;DR: In this article, the null hypothesis of no misspecification was used to show that an asymptotically efficient estimator must have zero covariance with its difference from a consistent but asymptonically inefficient estimator, and specification tests for a number of model specifications in econometrics.
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Regression Analysis when the Dependent Variable Is Truncated Normal
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Methods of Estimation for Markets in Disequilibrium
Ray C. Fair,Dwight M. Jaffee +1 more
TL;DR: In this article, four methods of estimation, differing primarily in the use of information on price-setting behavior, are developed in order to estimate supply and demand schedules in disequilibrium markets.